USA: PepsiAmericas Served With Compliant on Whitman Transaction
PepsiAmericas, Inc. (NYSE: PAS) announced that a purported class action lawsuit has been filed in the District Court in Hennepin County Minnesota seeking primarily to enjoin the merger of PepsiAmericas and Whitman Corporation. The complaint, which was filed by Randy Cox, a purported stockholder of PepsiAmericas, names PepsiAmericas, Dakota Holdings, LLC and the directors of PepsiAmericas as defendants.The complaint alleges that the consideration to be paid to the public shareholders of PepsiAmericas in the merger is unfair and inadequate. The plaintiff seeks, among other things, class action certification, a declaration that the merger agreement with Whitman is unenforceable, and preliminary and permanent injunction from proceeding with or closing the proposed merger unless and until PepsiAmericas implements a procedure to obtain the highest price for its shareholders.PepsiAmericas believes that the allegations contained in the complaint are without merit and intends to vigorously defend the action.PepsiAmericas manufactures, distributes and markets PepsiCo soft drinks, Seven-Up and other products in exclusive franchise territories that include Puerto Rico, Jamaica portions of Arkansas, Iowa, Louisiana, Minnesota, Mississippi, North Dakota, South Dakota, Tennessee and Texas. PepsiCo, Inc. (NYSE: PEP) holds a 24 percent equity interest in PepsiAmericas.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-drinks gives you the widest beverage market coverage.
Paid just-drinks members have unlimited access to all our exclusive content - including 16 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Olly Wehring, editor of just-drinks
- Diageo's Q4/FY 2016 results - Preview
- Diageo's FY performance by region - Focus
- Wine consumption and its health effects
- Time to take stock of Constellation's Corona
- The future for drinks industry's waste products
- Diageo sets sights on alcohol-alternative trends
- SABMiller puts brakes on A-B InBev integration
- "We tried to make Bushmills hot" - Diageo CEO
- Diageo names new TR head as Doug Bagley exits
- Brexit "not a big deal" for Scotch - Diageo CEO
- Global RTD insights - market forecasts, product innovation and consumer trends
- Adultifying Soft Drinks; Capitalizing on rising adult demand for non-alcoholic beverages
- Global non-Scotch whiskies insights - market forecasts, product innovation and consumer trends
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends
- Global travel retail insights - market forecasts, product innovation and consumer trends