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Article: Talk of takeover shakes up drink maker's stock: Reed's CEO open to offers but says nothing's on the table.(MANUFACTURING)(Financial report)
- Article from:
- Los Angeles Business Journal
- Article date:
- August 11, 2008
- Author:
CopyrightCOPYRIGHT 2008 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Every year, Chris Reed is approached by J.M. Smucker Co. with what Smucker called a "lucrative" offer to buy out his natural soda company.
Reed turns the jelly maker's offer down flat. because it comes with strings he considers unacceptable: To continue running the company he would have had to cut his shaggy hair and shave his beard.
Apparently, investors of Reed's Inc. haven't heard the story.
Shares in the Los Angeles-based ginger ale, root beer and cola maker have fluctuated wildly this year--dropping 62 percent between Feb. 21 and March 19 then surging 144 percent between March 20 and 27--on rumors that the company is a prime acquisition ...