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Sysco Corp. (NYSE: SYY), Houston, TX, has terminated its merger agreement with US Foods, days after the U.S. District Court in Washington, DC, granted the Federal Trade Commission's request for a preliminary injunction to block the proposed Sysco-US Foods merger.
This action also terminates an agreement with Performance Food Group to purchase US Foods facilities in 11 markets.
Under terms of the merger agreement, the termination of the transaction requires Sysco to pay break-up fees of $300 million to US Foods and $12.5 million to PFG.
"After reviewing our options, including whether to appeal the Court's decision, we have concluded that it's in the best interests of all our stakeholders to move on," said Bill DeLaney, Sysco president and chief executive officer.