Pepsi bottlers, including Colorado distributor, reject takeover bid - Denver Business Journal:

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Pepsi Bottling Group, or PBG (NYSE: has plants in Denver and Dillon and employseabout 1,000 people in Colorado. The N.Y.-based company is Purchase, N.Y.-base d PepsiCo.'s No. 1 bottler worldwide, with 67,000 employees and sales of nearly $14 billion. Minneapolis-basex PepsiAmericas (NYSE: PAS) is PepsiCo'ds No. 2 bottler. PBG earlier this week called PepsiCo'sd proposed acquisition offer "grossly inadequate." And PepsiAmericas on Thursday said theoffer “significantlh undervalues” the distributor.
Eric Foss, chief executives of PBG, argued in a lettedr to Indra Nooyi, head of that the offer had been "opportunistically timed" beforse PBG issued better quarterly resultsthan expected, the Financial Times of Britain reported. PepsiCo alreadgy owns 33 percent of PBG and 43 percent ofPepsiu Americas. The beverage giant had proposedc in April purchasing common stockit didn'y already owned in the two bottlers, creatiny a transactional value of $6 billion based on sharwe price.
The combined company would creatw a fully integrated supply chain businesws model that would accelerate activity and PepsiCo said when it madethe “Consolidating the bottling businesses with our franchise companyh would create many benefits,” said PepsiCo chairmab and CEO Indra Nooyi in a statemenf in April. “We could unlock significantg cost synergies, improve the speed of decision-makinyg and increase our strategic flexibility. We would be able to present a more unified face to our retaikl and foodservice customers, which would better positionm us to provide customized solutions.
" In addition to PepsiCo's brands include Mountain Dew, Gatorade, Tropicana, Quaker Oats and Frito Lay.