Pepsi clearly wants Quaker for strategic reasons. Their offer is still a substantial premium to where Quaker Oats is trading. The reason they walked away the first time is because they had Coca-Cola waiting in the wings. They no longer have that luxury.
It was a high premium on a high stock price. We think this was a reasonable and fair offer.
Everybody knew Coke was the one that could pay the most if they wanted to. Now, this puts the company back to where it was three weeks ago before the Pepsi bid. It clearly can remain an independent company if it wants to. They are not cornered at all.
It's that simple, you can follow crimes from one part of the country to another.
The synergies are actually higher than what we thought it would be, ... The question is: Can they achieve those synergies?
You just give Steve the ball and watch him go.
There will be some cost savings that come out of this, but the focus is not on cost savings. It's on setting the right structure to grow the business.
This merger is not just about [cost savings]. It's the opportunity to integrate the two businesses and generate new revenue growth.
Quaker is on a strong growth track and has strong earnings momentum. So they can afford to wait a little here.
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