Pepsi this afternoon announced it had withdrawn the running of the bulls option from its competition.
Aisha Daji Punga, Pepsi's commercial director for New Zealand, said the widescale opposition from SAFE and many others was behind the decision.
He said the company apologised "unreservedly" for including the prize in the competition.
SAFE NZ campaign manager Mandy Carter applauded the decision on its Facebook page.
"SAFE is pleased that Pepsi made the right decision to distance themselves from this animal cruelty spectacle. It is disappointing that a company like Pepsi decided to get involved with this sort of abuse in the first place but we congratulate the fact they recognized their mistake and made amends for it."