Shareholders approve Pepsi bottling merger

by Jeff Gelski
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PURCHASE, N.Y. — Shareholders of both The Pepsi Bottling Group, Inc. and PepsiAmericas, Inc. have approved and adopted their respective merger agreements with PepsiCo, Inc. and Pepsi-Cola Metropolitan Bottling Co., a subsidiary of PepsiCo, PepsiCo said Feb. 17. Under the agreements, The Pepsi Bottling Group and PepsiAmericas will merge into Metropolitan Bottling Co. with the latter continuing as the surviving corporation.

PepsiCo hopes to close the acquisitions, which remain subject to regulatory approvals and satisfaction of other customary closing conditions, by the end of February. The total value of the shares that PepsiCo will be acquiring is about $7.8 billion.

More than 99% of the votes cast by holders of shares of Pepsi Bottling Group (PBG) common stock outstanding as of the record date for the meeting, voting separately as a single class, voted to adopt the merger agreement. More than 81% of the combined voting power of PBG common stock and PBG Class B common stock outstanding as of the record date for the meeting, voting as a single class, voted to adopt the merger agreement.

About 86.5% of shares of PepsiAmericas, Inc. (PAS) common stock outstanding as of the record date for the meeting voted to adopt the merger agreement. Of the votes cast by holders of shares of PAS common stock, about 99.7% voted to adopt the merger agreement.

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