Ocean Spray Rejects PepsiCo’s Bid for Stake
From Associated Press
The cranberry and grapefruit growers who own Ocean Spray Inc. narrowly rejected PepsiCo Inc.’s offer to buy a stake in the agricultural cooperative.
About 900 farmer-owners in Massachusetts, Wisconsin, New Jersey, Florida, Oregon, Washington and Canada voted 52% to 48% to turn down PepsiCo’s bid to acquire half its branded business, Ocean Spray said.
Ocean Spray executives said the vote meant its board would cease talks with investors and would focus “on working with management to build the Ocean Spray business for the future.”
PepsiCo shares rose 28 cents to $54.95 on the NYSE.
