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.
FMI cancels upcoming conference in Dallas
ARLINGTON, Va. The Food Marketing Institute on Thursday postponed its Future Connect leadership development conference, originally scheduled for May 4 through May 6 in Dallas, on account of the swine flu outbreak.
“It is with a deep regret that, due to the recent influenza outbreak, I share FMI’s decision to postpone our Future Connect and MARKETECHNICS events,” stated Leslie Sarasin, FMI president and CEO. “The increased urgency of the alerts from health officials today and the guidance of the Centers for Disease Control and Prevention and the Dallas County Department of Health and Human Services confirmed our decision to not host a large gathering where attendees would be in close proximity. We seek to support their recommended precautions and prevention steps and would not want to contribute to spread of the virus in any way.”
FMI is currently evaluating options for rescheduling the event, the association stated.