Chobani Rejects PepsiCo Offer

Chobani appears unlikely to sell a major stake in the company to PepsiCo after rejecting a recent takeover offer from the food and beverage giant.

Bloomberg reported that the decision effectively ended talks with PepsiCo and that the Greek yogurt maker will fund its own expansion plans.

PepsiCo, Coca-Cola and WhiteWave Foods were among the companies reportedly vying for a minority stake in Chobani late last year. Chobani hoped to sell between 10 to 20 percent of the company in order to expand its manufacturing and distribution.

The proposed deal -- which would have valued the overall company at some $3 billion -- would also include warrants owned by a private equity firm that loaned $750 million to Chobani in 2014.

PepsiCo, however, sought a majority stake in the company while Chobani wanted to remain independent, according to Reuters.

Bloomberg indicated that the struggles that prompted the 2014 loan were resolved and that Chobani will finance an expansion of its Flip yogurt and toppings line and a move into the Mexican market on its own.