Davis Polk & Wardwell is advising PepsiCo in connection with its $6 billion proposal to acquire the outstanding shares of common stock that it does not already own of The Pepsi Bottling Group and PepsiAmericas, at a value of $29.50 per share for The Pepsi Bottling Group and $23.27 per share for PepsiAmericas. The proposals are subject to the completion of definitive merger agreements and limited confirmatory due diligence. The offers are cross-conditional based on the successful completion of both transactions.

PepsiCo is one of the world's largest food and beverage companies, with 2008 annual revenues of more than $43 billion. The company employs approximately 198,000 people worldwide, and its products are sold in approximately 200 countries. Its principal businesses include Frito-Lay snacks, Pepsi-Cola beverages, Gatorade sports drinks, Tropicana juices and Quaker foods. The PepsiCo portfolio includes 18 brands that generate $1 billion or more each in annual retail sales. The Pepsi Bottling Group and PepsiAmericas are the two largest bottlers of Pepsi products.

The Davis Polk corporate team includes partners George R. Bason Jr. and John A. Bick and associates Ashleigh S. Kyle, Sapna Dutta and Carlo M. Caponi. The tax team includes partner Avishai Shachar and associate Craig A. Phillips. Partner Jean M. McLoughlin and associate Bernice A. Grant are providing benefits advice. Counsel Betty M. Huber and associate Hayden Baker are providing environmental advice. Associate Stefan Quick is providing intellectual property advice. Partners Arthur F. Golden and Ronan P. Harty are providing litigation and antitrust advice. Laura Lea Bryant and Lindsay M. Allen are the legal assistants on the transaction. All members of the Davis Polk team are based in the New York office.