PepsiCo, Inc. to Refile Hart-Scott-Rodino Premerger Notification
PepsiCo remains committed to working cooperatively with the FTC as it conducts its review of the proposed transactions and continues to expect to close both transactions by late 2009 or early 2010.
10 Oct 2009 --- PepsiCo announced that it has withdrawn and will refile its notification and report forms filed with the Federal Trade Commission (FTC) in order to provide the FTC an additional 30 days to review PepsiCo's proposal to acquire all of the outstanding shares of common stock it does not already own in its two largest anchor bottlers, The Pepsi Bottling Group, Inc. and PepsiAmericas, Inc. , under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act).
PepsiCo originally filed its notification and report forms on September 11, 2009. Following informal discussions with the staff (Staff) of the FTC, PepsiCo has withdrawn both its PBG and PAS notification and report forms effective October 13, 2009 and will refile them on October 15, 2009 in order to allow more time for the Staff to review the proposed transactions. PepsiCo will continue to respond to any informal requests by the Staff to provide additional information about the businesses of PepsiCo, PBG and PAS.
Upon refiling of both notification and report forms, the FTC will have a 30-day period in which to determine whether to issue a Request for Additional Information ("Second Request") or close its investigation. During that time, PepsiCo will continue to discuss the transactions and answer any additional questions raised by the Staff. Assuming the refiling occurs on October 15, 2009, the new waiting period under the HSR Act will expire at 11:59 p.m., New York City time, on November 16, 2009, unless this period is earlier terminated or extended by issuance of "Second Request."
However, it is possible that prior to the expiration of the new waiting period under the HSR Act, PepsiCo may voluntarily withdraw and refile its notification and report forms again, if it deems appropriate, in order to provide the Staff with more time to review the proposed acquisition without requiring the Staff to issue a "Second Request." PepsiCo remains committed to working cooperatively with the FTC as it conducts its review of the proposed transactions and continues to expect to close both transactions by late 2009 or early 2010.
