before it, said
proposal to acquire all the shares it doesn't already own of the bottler isn't "acceptable and is not in the best interest of the company's shareholders."
PepsiCo offered to buy PepsiAmericas for $11.64 a share in cash and 0.223 of a share of PepsiCo.
"Fundamentally, the proposal does not reflect the value of PepsiAmericas' strengths and stand-alone strategies, as evidenced by the company's strong first-quarter results," PepsiAmericas said in a statement Thursday. "It also substantially undervalues the synergies that can be obtained in the proposed transaction."
PepsiCo, the maker of Gatorade and Pepsi, first offered $6 billion for the two bottlers last month. But Pepsi Bottling Group rejected the deal Monday, calling it "grossly inadequate."
PepsiCo's CEO Indra Nooyi said Wednesday that the time is right to buy the soft drink and snack maker's two biggest bottlers in North America -- even after Pepsi Bottling rejected the deal.
Nooyi said that buying Pepsi Bottling Group and PepsiAmericas will save the company money in the long run and help it respond quicker to a changing marketplace.
Shares of PepsiCo closed Wednesday at $49.72, while PepsiAmericas shares finished at $25.20.
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