PepsiAmericas has followed in the footsteps of fellow drinks bottler Pepsi Bottling Group in rejecting a takeover bid from parent firm PepsiCo.

PepsiAmericas said today (7 May) that it has informed PepsiCo's board that the bid is "not acceptable" and "significantly undervalues" its business.

PepsiCo, which already owns 33% of PBG and 43% of PepsiAmericas, last month offered to buy all outstanding shares in the bottlers for a combined US$6bn.

Earlier this week, Pepsi Bottling Group (PBG) rejected a similar takeover proposal from PepsiCo as "grossly inadequate".

PepsiAmericas said that PepsiCo's offer to buy up shares at $11.64 per share in cash and 0.223 shares of PepsiCo common stock per PepsiAmericas common share is not in the best interests of its shareholders.

The bottler said: "Fundamentally, the proposal does not reflect the value of PepsiAmericas' strengths and stand-alone strategies, as evidenced by the company's strong first quarter results. It also substantially undervalues the synergies that can be obtained in the proposed transaction."

Both PBG and PepsiAmericas established special committees of independent directors to consider the PepsiCo proposal.