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Chobani worked with Goldman Sachs Group Inc <GS.N> to explore
the sale after being approached by several parties in 2015.
The decision to reject the offer was due in part to the terms,
Chobani said in an email to Reuters.
The yogurt maker wanted to sell a minority stake while outside
investors like PepsiCo were looking for a majority stake in the
company.
Chobani said that independence remained a key asset to the
company and the brand.
Coca-Cola Co <KO.N>, which was competing against rival PepsiCo
to invest in Chobani, ended talks to invest in the Greek-yogurt
maker in October, saying it was not the best fit for Coca-Cola's
portfolio.
Other companies have also expressed interest in Chobani. One of
them has been organic foods producer WhiteWave Foods Co
<WWAV.N>.
PepsiCo was not immediately available to comment.
(Reporting by Subrat Patnaik in Bengaluru and Greg Roumeliotis
in New York; Editing by Sandra Maler)
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