Deals
Sysco Terminates $3.5 Billion Planned Takeover of US Foods
Sysco to Terminate $3.5B US Foods Bid
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Sysco Corp. terminated its planned $3.5 billion takeover of US Foods Inc. after a federal judge blocked the combination, opting instead to add $3 billion to its stock-buyback program.
With the deal breaking up, Sysco will pay a $300 million termination fee to US Foods and a $12.5 million fee to Performance Food Group, which had agreed to buy some US Foods facilities. Sysco, based in Houston, plans to make the share repurchases over the next two years.