PepsiCo Says No To Activist's Snack Spinoff Proposal

Law360, New York (February 28, 2014, 3:04 PM EST) -- PepsiCo Inc. on Thursday responded with an emphatic "no" to the continued recommendations of activist investor Nelson Peltz for the soda giant to split its global snacks and beverages businesses into two companies.

Ian Cook, PepsiCo's presiding director, vehemently shot down Peltz' pleas in a letter that was released publicly Thursday, saying the company's board and management team thoroughly scrutinized the data Peltz provided in a letter to the company and concluded that PepsiCo's value is maximized as one integrated food and beverage company.

"I am...
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