| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers P > Headlines for PepsiAmericas Inc. > News item |
PepsiCo's purchase of its two largest bottlers approved in Europe
By Lisa Kerner
Charlotte, N.C., Oct. 27 - The European Commission has granted its approval of PepsiCo, Inc.'s proposed acquisition of Pepsi Bottling Group, Inc. and PepsiAmericas, Inc., it was announced on Tuesday.
PepsiCo agreed in August to acquire the outstanding shares of common stock it does not already own of its two largest anchor bottlers, Pepsi Bottling and PepsiAmericas, in deals valued at a total of $7.8 billion.
Under the first offer, Pepsi Bottling shareholders will have the right to elect to receive either $36.50 in cash or 0.6432 shares of PepsiCo common stock, valued at $36.50 based on PepsiCo's closing share price of $56.75 on July 31, for each share of Pepsi Bottling held, subject to proration.
The second offer gives PepsiAmericas shareholders the right to elect to receive either $28.50 in cash or 0.5022 shares of PepsiCo common stock, valued at $28.50 as of July 31, for each share of PepsiAmericas held.
PepsiCo said it expects to close the deals in late 2009 or early 2010, subject to shareholder and other approvals.
As previously reported, PepsiCo withdrew and will refile its notification and report forms with the Federal Trade Commission in order to provide the FTC an additional 30 days to review PepsiCo's acquisition proposal. The refiling was expected to occur on Oct. 15.
PepsiCo is a Purchase, N.Y., food and beverage company.
Pepsi Bottling, based in Somers, N.Y., is the world's largest manufacturer, seller and distributor of Pepsi-Cola beverages.
Minneapolis-based PepsiAmericas is the world's second-largest manufacturer, seller and distributor of PepsiCo beverages.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.