Was Minnesota Enterprises, Inc. AKA MEI Corporation a part of PepsiCo, Inc.?
In May 1986, PepsiCo purchased the assets of MEI Corporation. During this time, the health and snack food assets of MEI Corporation were spun-off from the company and MEI Diversified Inc. was created. As a result, the MEI Corporation shareholders were entitled to $35.00 a share for each MEI Corporation share and one share of MEI Diversified. This acquisition included the predecessor companies, i.e. Search Investments Corporation and Investors Growth Industries. The MEI Corporation stock was to be redeemed by PepsiCo, Inc. and the MEI Diversified stock was delivered to the shareholder by the transfer agent of MEI Diversified. All funds pertaining to the redemption of any outstanding certificates were processed and escheated to the respective states of the last known address of the shareholder as abandoned property.
