MILWAUKEE — PepsiAmericas on Thursday joined the larger Pepsi Bottling Group in rejecting a PepsiCo proposal to buy its two biggest bottlers in North America.
PepsiAmericas, the second-biggest bottler, said in a statement that the bid was “not acceptable and is not in the best interest of the company’s shareholders.” Pepsi Americas, like Pepsi Bottling Group, said the offer undervalued the company.
Analysts have said PepsiCo will need to boost its $6 billion offer for the two bottlers, which would let it control distribution of about 80 percent of its total North American beverage volume.
PepsiCo chief executive Indra Nooyi reiterated her company’s interest in the deal Wednesday. She has said the deal would cut costs in the long run and help PepsiCo respond more quickly to a changing marketplace.
The company said in a statement Thursday that it “reiterates its belief that its offers are full and fair” and in the best interest of all three companies and their shareholders.
