Pepsi Bottling Group Inc.'s (PBG) shareholders voted against a proposal that could allow the company to issue added stock for future stock awards to directors.

At the company's annual meeting the bottler's holders approved all of the nominees for director, including two PepsiCo Inc. (PEP) representatives who are on the company's board. Pepsi Bottling is the subject of a recent acquisition bid by PepsiCo, which owns about a third of the bottler's shares.

-By Anjali Cordeiro, Dow Jones Newswires; 201-938-2408; anjali.cordeiro@dowjones.com