The SVI-Jamba Juice deadline gets pushed back a month to September 15:
Jamba Juice, Investor Group Extend Deal
Thursday August 3, 9:48 am ET
Jamba Juice, Investor Group Postpone Termination Date of Combination
NEW YORK (AP) -- The investment group that agreed to acquire smoothie chain Jamba Juice Co. on Thursday said it has extended the termination date of that deal by a month, adding that both parties have made strides in putting together a board and finalizing the combination.
The original termination date was Aug. 15, but the companies have pushed it back to Sept. 15.
In March, Services Acquisition, a so-called blank-check company that was set up specifically to acquire other businesses, said it would acquire Jamba Juice for $265 million in cash and rename the combined entity Jamba Inc.
The investment company, run by investor Steve Berrard, has already received approval from Jamba Juice's board. Services Acquisition plans to raise $231.6 million in a stock offering that will occur at the same time of the acquisition's closing.
The deal is also pending approval from regulators and Services Acquisition shareholders.
In a joint statement, both companies said they have "worked closely together during the past few months in assembling a proposed board of directors that includes experience in a wide range of disciplines including store operations, brand marketing, international expansion, corporate governance, store development, and consumer packaged goods."
Services Acquisition Corp. shares sank 30 cents, or 3.3 percent, to $8.75 in early trading on the American Stock Exchange, where they have ranged between $6.99 and $12.87 over the past year.
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