Somers: Pepsi Bottling Group has turned down soft drink maker PepsiCo’s acquisition proposal, calling the offer “grossly inadequate.”
The $6 billion proposal for Pepsi Bottling and PepsiAmericas would have let PepsiCo control about 80% of its total North American beverage volume.
Pepsi Bottling says its board’s decision was based on the unanimous recommendation of a special committee.
The company stated in a letter that it values its relationship with PepsiCo, but would not agree to a deal that doesn’t reflect its “true value.”
PepsiCo, which currently owns 33% of Pepsi Bottling, last month offered $29.50 per share for the remaining stake that it doesn’t already own. It initially spun off Pepsi Bottling in 1999.