UPDATE 3-PepsiCo sues Pepsi Bottling over board meeting

* Pepsi Bottling sued by suitor PepsiCo

* Says Pepsi Bottling did not convene full board meeting

* Pepsi Bottling says suit has no merit

* PepsiCo shares up, Pepsi Bottling shares down (Adds Pepsi Bottling response, updates stock activity)

CHICAGO, May 11 (Reuters) - PepsiCo Inc (PEP.N: Quote, Profile, Research) sued Pepsi Bottling Group (PBG.N: Quote, Profile, Research) and eight directors on Monday, challenging recently enacted anti-takeover measures at the bottler, which it wants to buy.

PepsiCo said that the anti-takeover measures were passed at an invalid board meeting, which was held without the two members representing the soda maker being informed of the date.

The bottling group's board approved the adoption of a stockholder rights plan at the meeting making more difficult and costly for PepsiCo or any unwanted suitor to make a hostile takeover successful.

The suit, filed in the Court of Chancery in Delaware, is seeking to have the meeting and its decisions declared null and void.

"PepsiCo has filed a lawsuit that is entirely without merit in an attempt to divert attention from its grossly inadequate proposal," Pepsi Bottling said.