SINESIPHO MANINJWA, CA (SA) AND FINANCIAL COMMENTATOR
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Pioneer Foods and PepsiCo have teamed up to create a potentially leading food and beverage company in Africa after the world's third-largest food and drink company made an offer to acquire all of the outstanding shares of the South African packaged goods company for $1.7billion (R23.63bn).
PepsiCo has offered to pay R110 a share for the acquisition, representing a 56percent premium to the 30-day volume weighted average price prior to the cautionary announcement on July 15.
PepsiCo said the acquisition will be funded through a combination of debt and cash, and has been unanimously approved by the board of directors of both companies.
PepsiCo has offered to pay R110 a share for the acquisition, representing a 56percent premium to the 30-day volume weighted average price prior to the cautionary announcement on July 15.
PepsiCo said the acquisition will be funded through a combination of debt and cash, and has been unanimously approved by the board of directors of both companies.
