MANILA -- Jollibee's plan to acquire The Coffee Bean and Tea Leaf lit up social media, but investors were unimpressed, with its share price extending losses on Thursday.

The Philippines largest fast food operator will buy the California-based specialty beverage chain for $350 million (P18 billion), its largest acquisition yet.

Twitter users posted photos of a foreign chain with the name "Jollibean," a coincidental play on the two brands' names.

Another Twitter post said the fat bee was not playing around while another said it was time to have Jollibee's Chickenjoy fried chicken with espresso.

There were also some posts that raised Jollibee's earlier issues regarding contractual employees, which the company said it addressed.

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Shares of Jollibee were down 4.38 percent Thursday to P240, extending losses from the 6.74-percent decline at the close of trading Wednesday.

Coffee Bean has been posting net losses in the last 2 years, analysts said.

"I believe this is what investors fear. Jollibee is taking in a losing company," said Philstocks analyst Japhet Tantiangco.

Investors are worried Coffee Bean would weigh on Jollibee's earnings like the company's US acquisition Smashburger, whose losses weighed on first quarter results, he said.