Performance Food Group enters clean team agreement with US Foods

Performance Food Group Company (NYSE: PFGC) announced it has entered into a clean team agreement with US Foods Holding Corp. (NYSE: USFD) to share information for evaluating regulatory considerations and synergies related to a potential business combination.

The clean team process consists of independent lawyers, economists and consultants who will analyze detailed confidential information from both companies. This arrangement follows discussions between Performance Food Group's board and management team with large stockholders and engagement with US Foods on exploring a potential business combination while protecting confidential information.

The Performance Food Group board, along with its independent financial and legal advisors, concluded there was sufficient basis to begin information sharing after these conversations.

The companies stated there is no assurance the information sharing will result in any transaction proposal, and no assurance regarding outcome or timing. Performance Food Group said it does not intend to make additional comments unless a definitive agreement is executed or discussions are terminated.

JP Morgan and BofA Securities are serving as financial advisors to Performance Food Group, while Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor.

Performance Food Group is a food and foodservice distribution company with more than 150 locations, serving over 300,000 locations including restaurants, healthcare facilities, schools and retailers. The Richmond, Virginia-based company employs approximately 43,000 people.

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