Britvic has been withdrawn from sale as the shareholders could not find an acceptable buyer. Britvic's price would be much lower without PepsiCo guaranteeing to renew its distribution agreement - which was never going to happen without a suitable bidder. PepsiCo does best if Britvic is sold to an existing bottler that uses its strength to push Pepsi brands, but all the key bidders were private equity groups. Pepsi may well have made the right move by holding off its renewal.