PepsiAmericas shareholders meet as buyout offer looms
PepsiAmericas, the Pohlad-owned Pepsi bottler and distributor, holds its annual shareholders meeting on Thursday, and a likely topic of discussion will be the recent offer by PepsiCo to acquire the company.
Pepsi last month proposed buying both PepsiAmericas and another independent distributor, Pepsi Bottling Group, for a combined $6 billion.
On Monday, Pepsi Bottling Group, of New York, voted to reject Pepsi's offer as "grossly inadequate. The company also approved a so-called "poison pill" plan, which safeguards against hostile takeover attempts.
PepsiAmericas said it has created a committee to review the offer from Pepsi, which has offered to acquire all of its outstanding shares.
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