PepsiAmericas forms transaction committee to review Pepsi Co. proposal

MINNEAPOLIS PepsiAmericas Inc. said Friday that its board of directors has formed a transactions committee consisting of independent directors which has begun to review the non-binding proposal from PepsiCo Inc.

Goldman, Sachs & Co., Briggs and Morgan, P.A. and Sullivan & Cromwell LLP have been retained as advisors.

As previously announced, PepsiCo has proposed to acquire all of the outstanding shares of PepsiAmericas' common stock.

With annual sales of $4.9 billion in 2008, PepsiAmericas employs more than 20,000 people and operates 33 manufacturing facilities and over 175 distribution centers across its markets.