Performance Food Group (PFGC) Acquired By Blackstone and Wellspring Capital For $34.50/Share

January 18, 2008 8:05 AM EST
Performance Food Group Company (NASDAQ: PFGC) signed a definitive merger agreement to be acquired by an affiliate of The Blackstone Group (NYSE: BX) and Wellspring Capital Management in a transaction valued at approximately $1.3 billion. Under the terms of the merger agreement, Performance Food Group shareholders will receive $34.50 in cash for each outstanding share of Company common stock they hold representing a premium a 42.6% over yesterday's closing share price of $24.19.

The transaction is not subject to any financing condition to the obligations of Blackstone and Wellspring. Under the terms of the Merger Agreement, Blackstone and Wellspring are obligated to pay the Company an aggregate $40 million termination fee if they breach their obligation to consummate the transaction. The Company will also solicit superior proposals from third parties during the next 50 days.

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