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.
Copyright Business Wire 2014