Pepsi Bottling Group rejects PepsiCo acquisition proposal
SOMERS, N.Y. The Pepsi Bottling Group announced Monday that its board of directors has rejected a proposal by PepsiCo to acquire all outstanding shares of common stock of PBG not owned by PepsiCo for a combination of cash and PepsiCo common stock.
The board acted based on the unanimous recommendation of a special committee of the board comprised of independent directors. The Special Committee was advised by Morgan Stanley and Cravath, Swaine & Moore.
The PBG board Monday sent the letter to PepsiCo Chairman and CEO Indra Nooyi, stating that “PBG values its longstanding relationship with PepsiCo, but the PBG board will not agree to a proposal which does not reflect the true value of PBG,” and that the “proposal is substantially below PBG’s intrinsic value.”
The proposal was announced immediately following PepsiCo’s first-quarter earnings release on April 22.
PBG also announced that its board has approved adoption of a stockholder rights plan, retention arrangements for certain key employees and amendments to PBG’s bylaws regarding notice and informational requirements for stockholder actions. Further information will be filed on Form 8-K with the SEC.
The Pepsi Bottling Group is the world’s largest manufacturer, seller and distributor of Pepsi-Cola beverages. With approximately 67,000 employees and annual sales of nearly $14 billion, PBG has operations in the U.S., Canada, Greece, Mexico, Russia, Spain and Turkey.
Fisher re-launches Chef’s Naturals, introduces Earth-friendly packaging
ELGIN, Ill. John B. Sanfilippo & Son, owner of the Fisher brand, are underway to reduce energy usage and to continue to research packaging materials and processing methods to reduce emissions and waste.
The company’s Fisher brand is relaunching its Chef’s Naturals Baking Nuts, but this time, it will be featured in Earth-Friendly packaging. A portion of the packaging is made using plant-based renewable resources, not oil. Plant-based renewable resources can include corn, cellulose and wood pulp.
Fisher recognizes the importance of doing its part in helping the environment, as American businesses of all sorts have come to grips with the potentially serious consequences of using non-renewable resources, the company stated in its release Friday. Plus, they added, the new Fisher packaging does not affect the quality, freshness or shelf life of the products.
Kimberly-Clark donates $1.56 million in scholarships
DALLAS The Kimberly-Clark Foundation, the charitable arm of Kimberly-Clark Corp.announced the recipients of its 2009 Bright Futures college scholarship program. This year, K-C provided college scholarships totaling $1.56 million to students located in 17 U.S. states and one Canadian province.
Established in 1993, the Bright Futures Scholarship Program awards college scholarships to children of Kimberly-Clark employees in the United States and Canada. Each scholarship is worth up to $20,000 ($5,000 per year for up to four years) for full-time students studying at accredited colleges and universities. Since its inception, the program has distributed approximately $30 million in scholarships to more than 1,500 students.
“Kimberly-Clark created the Bright Futures Scholarship Program to help make a college education more accessible to employees’ children who demonstrate the potential to become the next generation of leaders in our communities,” said Thomas J. Falk, chairman and CEO of Kimberly-Clark. “We salute the accomplishments of these capable and caring young citizens and are proud to award them these 2009 scholarships.”
The Foundation received 311 applications this year. The 78 recipients were chosen based on academic achievement, leadership, and involvement in extracurricular activities. Members of this year’s scholarship class will attend such top colleges as the University of Notre Dame, Georgia Institute of Technology, and Princeton, Stanford, Marquette, Emory and Clemson Universities. Past scholarship recipients have gone on to pursue successful careers in medicine, education, the armed forces and engineering. The average GPA for this year’s scholarship class is 3.96.