US Foods Receives Request from FTC for Additional Information Regarding Proposed Merger with Sysco
Transaction Still Expected to Close in Third Quarter of Calendar Year 2014
ROSEMONT, Ill.--(BUSINESS WIRE)--US Foods announced today that it received a request from the Federal Trade Commission (FTC) for additional information and documentary materials in connection with its pending merger with Sysco Corporation (NYSE: SYY). The request was issued under notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act).
Frequently referred to as a “second request,” this is a part of the FTC review process and was anticipated by both companies. US Foods will work to respond to the FTC requests as quickly as possible to support the review of the proposed merger
Completion of the transaction remains subject to regulatory review, including the expiration or termination of the waiting period under the HSR Act, and other customary closing conditions. US Foods’ outlook on the merger remains unchanged and expects the transaction to close in the third quarter of calendar 2014.
About US Foods
With approximately $22 billion in annual revenue, US Foods is the 10th largest privately held company in America. As one of America’s great food companies and leading distributors, US Foods is Keeping Kitchens Cooking and making life easier for more than 200,000 customers, including independent and multi-unit restaurants, healthcare and hospitality entities, government and educational institutions. The company offers more than 350,000 products, including high-quality, exclusive brands such as the innovative Chef’s Line, a time-saving, chef-inspired line of scratch-quality products, and Rykoff Sexton, a premium line of specialty ingredients sourced from around the world. The company proudly employs approximately 25,000 people in more than 60 locations nationwide. US Foods is headquartered in Rosemont, Ill., and jointly owned by funds managed by Clayton, Dubilier & Rice Inc. and Kohlberg Kravis Roberts & Co. Discover more at www.usfoods.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release include “forward-looking statements” that look forward in time or that express beliefs, expectations, or hopes and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are all statements other than statements of historical facts. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “intends,” “likely,” “will,” “should,” “to be” and any similar expressions or other words of similar meaning are intended to identify those assertions as forward-looking statements. Forward-looking statements include information relating to the Company’s expectations regarding the transaction and the Company’s future prospects and financial position. These statements are based on the Company’s beliefs and assumptions based on information available at the time the assumption was made and on management’s experience and perception of historical trends, current conditions and expected further developments as well as other factors deemed appropriate in the circumstances. Investors are cautioned that there are risks and uncertainties related to such forward-looking statements and actual results may vary. Important factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements contained in this press release include, without limitation, factors detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as explicitly required by securities laws.