Core-Mark (CORE) Receives Takeover Approach from Performance Food Group (PFGC) - Source

May 17, 2021 11:35 AM EDT

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Performance Food Group (NYSE: PFGC) has approached Core-Mark (NASDAQ: CORE) about a potential takeover, according to a source. The first approach dates back to the beginning of the year and multiple follow-on offers have followed, the source added. Both companies are working with advisors.

Core-Mark has a market value of around $2 billion, while Performance Food Group trades near $7 billion.

Both Core-Mark and Performance Food Group deliver food and non-food items to retailers. Core-Mark delivers to approximately 40,000 locations, while Performance Food Group is much larger and delivers to over 200,000 locations.

Both companies are seen as potential beneficiaries to inflation for food and non-food items.

Performance Food Group is no stranger to deals around this size in the sector. In 2019, it acquired Reinhart Foodservice for $2 billion.

The takeover approach may not lead to a deal, the source cautioned.

Neither company has responded to a request to comment.

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