BUSINESS BRIEFING / ACQUISITIONS

Pepsi Bottling Group Inc. said that it had rejected what it called a “grossly inadequate” acquisition offer from PepsiCo Inc., but analysts said a deal could still happen if PepsiCo raised its bid.

Pepsi Bottling Group of Somers, N.Y., also looked to shield itself from other bids it deemed unfavorable, saying it had approved a stockholder-rights plan. Such plans, known as “poison pills,” are commonly used as a way to try to hold off hostile takeover attempts.

The $6-billion bid for Pepsi Bottling and PepsiAmericas would have let PepsiCo control about 80% of its total North American beverage volume.