US: Ocean Spray extends discussions on Pepsi deal
Ocean Spray, the cranberry producing cooperative, has extended the time it is giving its members to decide on whether to sell part of its juice business to PepsiCo, after the soft drinks giant updated its offer.
Votes were meant to be completed by Friday , and it is thought the majority had backed independence from the multi-national.
However, having received the updated offer, Ocean Spray's board, which are themselves thought to back the PepsiCo offer, will send out the latest information to growers and give them until Friday, June 4, to cast their votes.
Growers who have already cast their ballots will be able to switch sides if they choose.
No details of Pepsi's latest proposal were available, previous deal called for a joint venture where Ocean Spray growers would control the agricultural cooperative with PepsiCo taking over the management control of Ocean Spray's branded juice business.
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