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EXHIBIT 20
FOR IMMEDIATE RELEASE CONTACT: John Bierbaum
Executive Vice President
612-661-3830
MERGER COMPLETE BETWEEN WHITMAN CORPORATION AND PEPSIAMERICAS, INC.
Minneapolis - November 30, 2000 - Whitman Corporation (NYSE: WH), the number two
Pepsi-Cola anchor bottler and PepsiAmericas, Inc. (NYSE: PAS), the number three
Pepsi-Cola anchor bottler announced the successful completion of their proposed
merger transaction as approved by their respective shareholders earlier today.
As previously announced, Robert C. Pohlad, former chairman and chief executive
officer of PepsiAmericas, becomes chief executive officer and a director of
Whitman. According to Mr. Pohlad, "The success and ease of this transaction is a
direct result of collaboration between the management of both organizations. I
especially wish to thank Bruce Chelberg, former chairman and chief executive
officer of Whitman Corporation for his support and leadership during this
transition."
Each share of PepsiAmericas common stock will be converted, at the election of
its holder, into:
1. $3.80 in cash; or
2. 0.2773 shares of Whitman common stock; or
3. 0.2043 shares of Whitman common stock plus the right to receive
in the future up to 0.1092 additional shares of Whitman common
stock if PepsiAmericas meets certain performance levels for the
years 2000 through 2002.
Shareholders will have until December 14, 2000 to submit their elections and are
not required to elect the same alternative for all of their shares.
"We believe this transaction is an affirmation of the need for consolidation,"
noted Robert C. Pohlad, chief executive officer. "The combined company has great
potential for growth through further consolidation in the domestic U.S. markets
and brand development in the Caribbean and Central Europe. We couldn't be more
excited about the opportunity this new organization presents for our
shareholders, employees and management team."
The combined company has revenue of $3.2 billion with operations in 18 states as
well as Puerto Rico, Jamaica, Poland, Hungary, Czech Republic, and Republic of
Slovakia. In total, the combined bottler now will serve a population of more
than 110 million people. The company manufactures, distributes and markets
Pepsi, Diet Pepsi, Pepsi ONE, Mountain Dew, Seven-Up, Mug, Slice, Wild Cherry
Pepsi, Aquafina, All Sport Body Quencher, and FruitWorks in addition to
ready-to-drink ice teas and coffees, respectively, via joint ventures with
Lipton and Starbucks.
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