Pepsi Bottling Group Inc. shareholders have approved the Somers-based company”™s merger with PepsiCo Inc. in Purchase.
More than 99 percent of votes cast Wednesday by common-stock shareholders favored the merger, according to a PBG spokesman. PepsiCo will pay approximately $7.8 billion to buy PBG and its other anchor bottler, PepsiAmericas Inc., creating one of the largest food and beverage companies globally. The deal is expected to be completed by the end of this month.
The agreement gives PBG shareholders the option to elect either $36.50 in cash or 0.6432 shares of PepsiCo common stock for each share of PBG, prorated so that the aggregate consideration to be paid to PBG shareholders will be 50 percent cash and 50 percent PepsiCo common stock.
Pepsi Bottling Group is the world”™s largest manufacturer, seller and distributor of Pepsi-Cola beverages with annual sales of over $13 billion. The company has about 1,000 employees in Westchester County.
