Yogurt maker Chobani rejects PepsiCo’s offer for stake in company
Greek-yogurt maker Chobani LLC, founded by billionaire Hamdi Ulukaya, said on Friday it had rejected offers from beverage giant PepsiCo Inc (PEP.N) and other investors.
Chobani worked with Goldman Sachs Group Inc (GS.N) to explore the sale after being approached by several parties in 2015.
The decision to reject the offer was due in part to the terms, Chobani said in an email to Reuters.
The yogurt maker wanted to sell a minority stake while outside investors like PepsiCo were looking for a majority stake in the company.
Chobani said that independence remained a key asset to the company and the brand.
Coca-Cola Co (KO.N), which was competing against rival PepsiCo to invest in Chobani, ended talks to invest in the Greek-yogurt maker in October, saying it was not the best fit for Coca-Cola’s portfolio.
Other companies have also expressed interest in Chobani. One of them has been organic foods producer WhiteWave Foods Co (WWAV.N).
PepsiCo was not immediately available to comment.
Reporting by Subrat Patnaik in Bengaluru and Greg Roumeliotis in New York