BALA CYNWYD, Pa., May 13, 2009 (GLOBE NEWSWIRE) -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of the Pepsi Bottling Group ("Pepsi Bottling" or the "Company") (NYSE:PBG) relating to the proposed acquisition by PepsiCo ("Pepsi") (NYSE:PEP).
On April 19, 2009, Pepsi made a proposal to acquire all of the outstanding shares of common stock that it does not already own in its two largest anchor bottlers, Pepsi Bottling and PepsiAmericas. The Pepsi Bottling board on May 4, 2009 rejected Pepsi's proposal and approved the adoption of a Shareholder rights plan that Pepsi has referred to as a "poison pill".
On May 11, 2009 Pepsi announced that it has filed suit in Delaware against Pepsi Bottling and certain of its directors. The suit alleges that the defendants intentionally failed to provide notice of a recent Pepsi Bottling Board meeting to Pepsi Bottling directors affiliated with Pepsi. Pepsi alleges that it was at this Board meeting, the directors in attendance claim to have adopted the "poison pill", implemented certain new executive compensation arrangements and purported to amend Company bylaws.
If you own shares of Pepsi Bottling and wish to discuss the legal ramifications of the proposed acquisition by Pepsi, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.