US: Pepsi Bottling Group shareholders veto stock proposal
Shareholders of The Pepsi Bottling Group have voted against a proposal to amend the company's directors' stock plan.
At PBG's annual meeting yesterday (27 May), the amendment, which would have allowed the company to issue added stock for future stock awards to directors, was turned down.
Shareholders also re-elected PBG's ten directors: Linda Alvarado, Barry Beracha, John Compton, Eric Foss, Ira Hall, Susan Kronick, Blythe McGarvie, John Quelch, Javier Teruel and Cynthia Trudell.
Two of these directors, Compton and Trudell, work for PepsiCo, which last month offered to pay a combined US$6bn for outstanding shares in PBG and PepsiAmericas. PBG has dismissed the bid as being "grossly inadequate".
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PepsiCo will refile its application to the US Federal Trade Commission for approval of a deal to buy out Pepsi Bottling Group and PepsiAmericas....
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