20 Apr 2009
April 20 (Bloomberg) -- PepsiCo Inc., the world's second- largest soft-drink maker, said it may spend about $6 billion to buy out other shareholders in its two biggest bottlers.PepsiCo is offering $14.75 in cash and 0.283 of common stock for each share it doesn't already own of Pepsi Bottling Group Inc., the world's second-largest soda distributor. The sodamaker is offering $11.64 and 0.223 of common stock for each share in PepsiAmericas Inc.
The offers translate to $29.50 for Pepsi Bottling and $23.27 for PepsiAmericas, or a 17 percent premium over their closing prices, Purchase, New York-based PepsiCo said in a statement distributed today by PR Newswire.
The transactions will boost PepsiCo's earnings by at least 15 cents a share, according to the statement. Acquiring the bottlers will give the maker of Pepsi, Gatorade and Tropicana full control over about 80 percent of its North American beverage volume.
PepsiCo owns 33 percent of Pepsi Bottling and 43 percent of PepsiAmericas, according to data compiled by Bloomberg.
PepsiCo shares rose 0.3 percent to $52.13 on April 17, while Pepsi Bottling was little changed at $25.20 and PepsiAmericas advanced 0.35 percent to $19.88.
