The effective date of the merger was February 26, 2010. Based on the election results and the terms of the merger agreements former PBG stockholders who made valid elections to receive cash consideration received cash consideration for 100% of their cash election shares. Former PBG stockholders who did not make valid elections to receive cash consideration received, as a result of proration, cash consideration for approximately 49.4% of their shares and shares of PepsiCo common stock for approximately 50.6% of their shares.
Former PAS stockholders who made valid elections to receive cash consideration received cash consideration for 100% of their cash election shares. Former PAS stockholders who did not make valid elections to receive cash consideration, as a result of proration, received cash consideration for approximately 48.3% of their shares and shares of PepsiCo common stock for approximately 51.7% of their shares.
Pursuant to the merger agreements between PepsiCo and PBG and PAS, fractional shares of PepsiCo common stock were not issued. In lieu thereof, former PBG and PAS stockholders received cash for their fractional share interests based on the $62.30 closing price of PepsiCo common stock on February 25, 2010 (the last trading day prior to the closing of the transactions).
Information on tax consequences can be located in the PBG and PAS S-4 that was filed on January 12, 2010. SEC filings, such as the S-4, can be viewed online at SEC Filings