Pepsi Bottling Group on Monday rejected last month’s takeover offer from PepsiCo, its largest shareholder, calling the proposed price per share “grossly inadequate”.

Eric Foss, chief executive of PBG, argued in a letter to Indra Nooyi, head of PepsiCo, that the offer had been “opportunistically timed” before the bottler of PepsiCo drinks issued better-than- expected quarterly results.