Simply Better Brands Corp. and Jones Soda Co. say they no longer intend to merge, citing a "decline in current market conditions.”
The companies announced their plans to join forces in April, with Simply Better Brands reporting it would acquire all of the issued and outstanding common shares, as well as the outstanding debt, of Jones for $98.9 million. Simply Better Brands also said it intended to change its name to some derivation of "Jones Soda" and choose a new trading symbol.
“We are disappointed that due to current market conditions we are unable to move forward with our intended transaction at this time,” says Kathy Casey, CEO of Simply Better Brands. “The Jones Soda brand is one we felt confident would add tremendous value to our existing platform and ultimately be accretive to shareholder value. We wish Jones management and their board much success in their future.”
Jones Soda unveiled a lineup of new products under the Mary Jones brand in March. Available in California, the portfolio leverages 25 years of a mass market-established equity across brand, beverage, flavors and fans.
“Due to the decline in current market conditions, we regrettably are unable to continue with the proposed transaction with Simply Better Brands,” said Jones Soda CEO Mark Murray. “We are certain that Simple Better Brands and Jones will continue to find successful business opportunities in the future, despite this shift in direction for both companies.”
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