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PepsiAmericas rejects Pepsi’s buyout offer

Minneapolis-based PepsiAmericas has joined Pepsi Bottling Group in rejecting an offer by Pepsi to buy out the independent bottling and distribution companies. PepsiAmericas is holding its annual shareholder meeting this morning.

Pepsi‘s bid to buy out its Minneapolis-based bottler is flat, says the shareholder committee assigned to review the offer.

PepsiAmericas, the world’s second-largest Pepsi distributor, said today Pepsi’s offer is “not acceptable” and “does not reflect the value of PepsiAmericas’ strengths and stand-alone strategies.”

The company is holding its annual shareholder meeting today. Pepsi owns 40 percent of the company and wants to buy the rest of it, along with the New York-based Pepsi Bottling Group.

On Monday, Pepsi Bottling Group also rejected Pepsi’s offer, calling it “grossly inadequate.”