The Pepsi Bottling Group (PBG), as the world's #1 manufacturer and distributor of Pepsi-Cola beverages, has a US market share for Pepsi brands that is close to 40%. PBG operates manufacturing and distribution facilities and delivers its drinks (including Aquafina water, Lipton's Iced Tea, Mountain Dew, Slice, and the world's #2 soft drink, Pepsi-Cola) directly to stores as well as through third-party distributors. The US and Canada account for 75% of company sales. In 2009 the company, along with fellow bottler PepsiAmericas, agreed to be taken over by PepsiCo.

Case description: Alleged unfair merger compensation and breach of fiduciary duty by the Board of Directors of Pepsi Bottling.

Cypress acted as consultants on behalf of the General Retirement System of the City of Detroit and The Police and Fire Retirement System of the City of Detroit regarding valuation, process and governance issues, the fairness of the transaction, and disclosure. The case settled.