It's a buying frenzy among soft-drink bottlers.

Pepsi Bottling

(PBG)

,

PepsiCo's

(PEP) - Get Report

largest bottler and the center of a takeover bid by the soft-drink maker, said it plans to purchase a fellow Massachusetts bottler.

Pepsi Bottling said the acquisition of

Pepsi-Cola Bottlers

will deliver greater value to shareholders. While terms of the deal were not disclosed, the company expects it to close by the end of the third quarter.

Last week Pepsi Bottling and

PepsiAmericas

(PAS)

rejected a $6 billion offer from PepsiCo to purchase the companies, saying the price was too low.

PepsiCo also filed a suit against Pepsi Bottling, alleging that the company didn't give proper notice of a meeting where the bulk of its board voted to reject the takeover offer and approved a shareholder rights plan.

PepsiCo wants to own its bottlers to help cut costs and operate more efficiently.

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