Performance Food Group (PFGC) Receive Shareholder Approval for Merger

May 14, 2008 10:38 AM EDT
Performance Food Group Company (NASDAQ: PFGC) announced that its shareholders have voted to approve the proposed merger of Performance Food Group Company with a wholly-owned subsidiary of an affiliate of The Blackstone Group and Wellspring Capital Management LLC pursuant to the terms of the merger agreement dated January 18, 2008.

Based upon the preliminary tally of shares voted, approximately 27.7 million shares were voted (in person or by proxy) at the special meeting held today, representing 77.9% of Performance Food Group Company's total outstanding voting shares as of the April 3, 2008 record date. Of those shares voting, approximately 27.6 million shares voted in favor of approval of the merger agreement, representing 99.8% of Performance Food Group Company's total outstanding voting shares as of the April 3, 2008 record date.

Under the terms of the merger agreement, Performance Food Group Company's shareholders will receive $34.50 in cash, without interest and less applicable withholding tax requirements, for each share of the Company's common stock held as of the effective time of the merger. The transaction is currently anticipated to close by the end of the second quarter of 2008.[SM]

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