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PepsiCo once again withdraws notification, report forms with FTC
By Lisa Kerner
Charlotte, N.C., Nov. 10 - PepsiCo, Inc. said it withdrew and will refile its notification and report forms with the Federal Trade Commission.
According to PepsiCo, it wants to give the FTC additional time to review its proposal to acquire its two largest anchor bottlers, Pepsi Bottling Group, Inc. and PepsiAmericas, Inc.
The notification and report forms were originally filed on Sept. 11 and were refiled on Oct. 15, a PepsiCo news release said.
PepsiCo, a Purchase, N.Y., food and beverage company, said it still expects both transactions to close by late 2009 or early 2010.
As previously reported in October, the European Commission granted its approval of PepsiCo's proposed acquisitions.
PepsiCo agreed in August to acquire the outstanding shares of common stock it does not already own of 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.
Under the offer, 50% of the total consideration paid to Pepsi Bottling shareholders will be in cash and 50% will be paid in PepsiCo common stock.
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.
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.
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