SEATTLE (AP) ¿ Jones Soda Co. said Monday its board will review a buyout offer from Big Red Holdings Corp. that amounts to less than half of the company's market capitalization.

Privately held soft drink maker Big Red has offered 30 cents per share in cash for Jones Soda, marking a 55 percent discount to the stock's 66-cent closing price Monday. Based on Jones Soda's 26.5 million shares outstanding the deal is worth $7.95 million.

The board "may negotiate" with Big Red and intends to pursue all available options, the company said in a statement.

CEO Joth Ricci said the difficult economic conditions "have continued to negatively impact our liquidity and financial condition and caused us to explore strategic alternatives in an effort to enhance shareholder value." Seattle-based Jones Soda retained North Point Advisors in February to explore strategic alternatives, including a possible sale.

In November, Jones Soda reported a loss of $6.1 million on revenue of $21.7 million for the nine months ended Sept. 30.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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