PepsiAmericas Inc has announced that it has informed PepsiCo that its board of directors has unanimously determined that PepsiCo's non-binding proposal to acquire all of the outstanding shares of PepsiAmericas' common stock is not acceptable and is not in the best interest of the company's shareholders.
The Transactions Committee stated that PepsiCo's proposal significantly undervalues the strategic benefits of system consolidation. Fundamentally, the proposal doesn't reflect the value of PepsiAmericas' strengths and standalone strategies, as evidenced by the company's strong first-quarter results. It also substantially undervalues the synergies that can be obtained in the proposed transaction.
PepsiAmericas also announced that it amended its existing Rights Agreement to extend the expiration date of the Rights Agreement from 20 May 2009 to 20 May 2010. No other changes were made to the Rights Agreement.
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