As featured on Manufacturing Digital, PepsiCo announced on April 20 that it planned to buy the stakes in its two biggest bottlers it does not already own for $6 billion.

However, following the lead of larger bottler and fellow takeover target Pepsi Bottling Group, PepsiAmericas said the PepsiCo offer "significantly undervalues the strategic benefits of system consolidation ... and the synergies that can be obtained in the proposed transaction."

It also said the offer failed to reflect the value of the company's strengths and stand-alone strategies, citing its better-than-expected first-quarter results.

PepsiCo said it believed its offers were "full and fair" and in the best interest of the bottling companies' shareholders.