Performance Food Group Company announced that it has entered into a clean team agreement with US Foods Holding Corp. that enables the companies to share information in order to evaluate regulatory considerations and the synergies related to a potential business combination.
In recent weeks, members of the PFG Board and management team engaged with several of PFG’s large stockholders to hear their perspectives, and the Company is committed to continuing that dialogue. The Company also engaged with US Foods on how the two companies could most effectively explore a potential business combination while safeguarding confidential information. Following these conversations, the PFG Board, along with its independent financial and legal advisors, concluded that there was sufficient basis to begin information sharing. The companies are therefore initiating a clean team process consisting of a group of independent lawyers, economists and consultants who will perform analysis using more detailed confidential information.
There can be no assurance that this information sharing will result in any transaction proposal, or any assurance as to its outcome or timing. Performance Food Group (PFG) stated in a press release that the company does not intend to make additional comments on the matter unless and until a definitive agreement is executed or discussions with US Foods are terminated.
Advisors
JP Morgan and BofA Securities are serving as financial advisors, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to the Company.
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About Performance Food Group Company
Performance Food Group is an industry leader and one of the largest food and foodservice distribution companies in North America with more than 150 locations. Founded and headquartered in Richmond, Virginia, PFG and our family of companies market and deliver quality food and related products to over 300,000 locations including independent and chain restaurants; businesses, schools and healthcare facilities; vending and office coffee service distributors; and big box retailers, theaters and convenience stores. PFG’s success as a Fortune 100 company is achieved through our approximately 43,000 dedicated associates committed to building strong relationships with the valued customers, suppliers and communities we serve. To learn more about PFG, visit pfgc.com.