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PepsiAmericas Board forms Transactions Committee to review PepsiCo's offer - Quick Facts

PepsiAmericas Inc. (PAS) announced that its Board of Directors has formed a Transactions Committee consisting of independent directors which has begun to review the non-binding proposal from PepsiCo Inc. (PEP).

PepsiAmericas also stated that it has retained Goldman, Sachs & Co., Briggs and Morgan, P.A. and Sullivan & Cromwell LLP as advisors.

It is to be noted that recently, PepsiCo, which already owns 43% of the outstanding shares of PAS, has offered to acquire PepsiAmericas for $23.27 per share. The offer price consists of $11.64 per share in cash plus 0.223 shares of PepsiCo common stock.

by RTT Staff Writer

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