Sysco Walks Away From US Foods Merger
SEAFOODNEWS.COM [The Wall Street Journal] by Chelsey Dulaney - June 29, 2015
Sysco Corp. said Monday it is walking away from its planned acquisition of US Foods Inc. after a federal judge issued a preliminary injunction against the deal last week amid antitrust concerns.
The deal, announced in December 2013, would have combined the nation's two largest food distributors, which provide ingredients and a range of other supplies to restaurants, hotels, schools and other food-service operations.
Sysco said it will pay privately held US Foods a breakup fee of $300 million. The company also said it will spend another $3 billion buying back shares over the next two years and will redeem $5 billion in merger-related debt...
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