US Foods (USFD) to look at options

  • April 11, 2022

POTENTIAL DEAL DETAILS

StockUS Foods Holding Corp.SymbolUSFD
Date Announced04/11/2022Source Press Release
TypeCompany Seeking Strategic Alternatives

On April 2, 2022, Mr. Dutkosky and Ms. Bachelder had a call with Mr. Ferguson, who reiterated the terms of his March 30 Offer, and further elaborated that the Company had three options:

(i) sell the Company to a private equity firm by the end of the year,

(ii) in the event that a sale of the Company (USFD) is not pursued, begin an immediate search for a new CEO, or

(iii) in the event that the Company decides not to pursue either of the previous two options, Sachem Head should be given control through a majority of the seats on the Board. Mr. Ferguson asked for a counteroffer by Friday, April 8, 2022.

Update(s):

May 9, 2022: Hedge fund Sachem Head Capital Management is in advanced talks to drop a board challenge against US Foods Holding Corp (USFD) in exchange for three seats on the food distributor’s board of directors and the replacement of Chief Executive Officer Pietro Satriano, people familiar with the matter said

Disclaimer: Our intent with this section of the website is to present potential deals that appear to be in the pipeline. These potential deals are ones where i) the company has indicated that it is "seeking strategic alternatives", ii) there has been an unsolicited bid for a company as mentioned in a press release by the company or iii) news about the deal has been published by a leading news organization like The Wall Street Journal, The New York Times, Bloomberg, Financial Times, The Washington Post, Reuters and The Associated Press. As best as possible we will try to avoid baseless rumors. There is a high probability that many of these potential deals may not materialize and if they do, the terms of the deal may be different from what was initially reported. Please do your own due diligence before buying or selling any securities mentioned on this website. We do not warrant the completeness or accuracy of the content or data provided.