A Korea-based company has offered to buy all the remaining shares of the local bottling company of an American softdrink brand.
Lotte Chilsung Beverage Co. Ltd. is offering to buy all shares it does not own in listed Pepsi-Cola Products Philippines Inc. at P1.95 apiece, worth an estimated P4.15 billion.
Lotte has announced its intent through a tender offer, also announced in newspapers. It said the offer extends to “all shareholders other than Lotte Corp. and the members of the Board of Directors with respect to their qualifying common shares and the officers of the company.”
Pepsi last traded at P1.40 per share on Tuesday. It voluntarily suspended trading on Wednesday.
Meanwhile, the company said it has concluded its franchise to manufacture, market and sell locally made Cheetos.
The company said it will allow itself “to advance and renew its focus and commitment to a more sustainable future, while optimizing and strengthening the production and distribution of carbonated and non-carbonated beverages to millions nationwide, with the brands Filipinos love: Pepsi, Mountain Dew, 7-Up, Mirinda, Mug, Gatorade, Tropicana, Lipton, Sting, Premier, Milkis, and Aquafina.”
PepsiCo said it will continue to import and sell Cheetos in the Philippines, along with its other brands of snacks: Lays, Doritos, Ruffles, Red Rock Deli, Fritos, Tostitos, Sunchips, Smartfood, Munchies and Rold Gold.
“These brands will continue to be supplied and available in-store in the Philippines, creating more smiles with every sip and every bite,” it added.