Sysco Terminates Merger Agreement With US Foods
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Sysco Corp. (SYY) Announces Termination of US Foods Merger; Approves $3B Common Stock Buyback
June 29, 2015 8:01 AM UTCSysco Corp. (NYSE: SYY) announced that it has terminated its merger agreement with US Foods, days after the U.S. District Court in Washington, D.C., granted the Federal Trade Commission's request for a preliminary injunction to block the proposed Sysco-US Foods merger. This action also terminates an agreement with Performance Food Group (PFG) to purchase US Foods facilities in 11 markets.
Under terms of the merger agreement, the termination of the transaction requires Sysco to pay break-up fees of $300 million to US Foods and $12.5 million to PFG.
"After reviewing our options,... More
