Pepsi Bottling Group has rejected an offer from the worldÔÇÖs second biggest manufacturer of soft drinks, PepsiCo, to buy stakes in its two biggest bottlers for $6 billion.┬á ┬áPepsi Bottling Group has criticized the $29.50 per share offer, which values the company at $6.49 billion, as "grossly inadequate". ┬á PepsiCo spun off Pepsi Bottling in 1999 and currently owns 33 percent of it. ┬á The other bottler PepsiCo is trying to buy is Pepsi Americas, of which it owns 43 percent. The price it offered represented a 17% premium above their closing share prices the Friday before the offers were made. ┬á Pepsi Bottling says its board's decision was based on the unanimous recommendation of a special committee.┬á The company stated in a letter that it values its relationship with PepsiCo, but would not agree to a deal that doesn't reflect its "true value."┬á