Wisconsin "No" To Pepsico Bid For Ocean Spray

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Wisconsin cranberry growers and growers in five other states and Canada voted narrowly to reject a bid by Pepsico to acquire about half Ocean Spray's business.

Ocean Spray, which is a cooperative, says its board of directors will stop talking with Pepsico, based in Dallas, Texas, as well as other potential investors. Pepsico wanted to buy Ocean Spray's branded products.

The cranberry industry, of which Wisconsin typically ranks second in the nation in production, is coming out of a prolonged slump because of overproduction and decreased demand.