Sysco Corporation (NYSE:SYY) today will host a conference call to
brief analysts and news media on the merits of the legal case
surrounding its proposed merger with US Foods, as well as the
expected steps in the legal process.
On Thursday, Feb. 19, the Federal Trade Commission (FTC), by a
slim margin of 3-2, announced it will seek a preliminary injunction
in the U.S. District Court for the District of Columbia to prevent
the parties from closing the transaction. The narrow vote
demonstrates a lack of consensus within the Commission that the
proposed merger could be viewed as harmful to competition under the
law.
Sysco's outside antitrust counsel will discuss the facts
supporting the merger with US Foods and why the FTC's decision is
based on an erroneous view of the competitive dynamics of the
foodservice distribution industry.
What: |
Conference call/webcast with Sysco's outside
antitrust counsel to discuss facts supporting its proposed merger
with US Foods. |
|
|
Who: |
Richard Parker, Counsel, O'Melveny &
Myers LLP |
|
Damian Didden, Counsel, Wachtell, Lipton,
Rosen & Katz |
|
Joseph F. Tringali, Counsel, Simpson Thacher
& Bartlett LLP |
|
Shannon Mutschler, Vice President, Investor
Relations |
|
Nehl Horton, Senior Vice President, Chief
Communications & Government Relations Officer |
|
|
When: |
Friday, Feb. 20, 2015 |
|
12 p.m. – 1 p.m., Eastern |
|
|
Where: |
To listen to a live webcast of this event, go
to www.sysco.com/investors at least 10 minutes prior to the
scheduled start time to register for the call and download and
install any necessary audio software. A webcast replay of the
conference call will be available on Sysco's website shortly after
the live webcast is completed. |
Biographies
Richard Parker -
O'Melveny & Myers LLP
Rich Parker is a partner in O'Melveny's Washington, DC
office and Chair of the Firm's Antitrust and Competition Practice.
He has extensive experience in antitrust matters both before the
enforcement agencies and in the courts. After Rich served as lead
trial counsel and negotiated a very favorable settlement for US
Airways that resolved the DOJ's attempt to block the airline's
merger with American Airlines, Global Competition Review recognized
him as "Litigator of the Week" and said that, "[i]f O'Melveny &
Myers partner Rich Parker wasn't already the most famous antitrust
litigator in America, he probably is now." Global Competition
Review also named the litigation "Antitrust Matter of the Year" and
selected Rich as a finalist for "Lawyer of the Year."
Rich returned to the Firm in February 2001 after three years at
the Federal Trade Commission (FTC). During his tenure as Director
of the Bureau of Competition, he oversaw the investigations of the
Exxon-Mobil, BP Amoco - ARCO, and AOL - Time Warner mergers. During
his tenure as Senior Deputy Director, Rich was co-lead counsel for
the FTC in obtaining a federal court injunction against the mergers
of both Cardinal Health with Bergen Brunswig and McKesson with
AmeriSource Health. After his return to O'Melveny, Rich, on behalf
of Triton Coal, led a successful defense of the Arch Coal – Triton
Coal merger against the FTC in federal court.
Rich is both a trial lawyer and an antitrust regulatory lawyer.
He has been involved in many major antitrust representations,
including criminal, merger, and government civil investigations, as
well as class action litigation. He regularly represents clients
before the FTC and the Department of Justice Antitrust Division on
mergers, conduct investigations, criminal matters, and policy
issues.
Damian G. Didden - Wachtell, Lipton, Rosen &
Katz
Damian G. Didden practices in Wachtell, Lipton, Rosen &
Katz's Antitrust Department where he advises clients on various
aspects of competition law matters. Mr. Didden's particular
focus is analyzing the antitrust risk of mergers and acquisitions,
and guiding clients through the merger review process before
federal, state and foreign regulators. He has advised clients
engaged in a diverse spectrum of sectors, including:
telecommunications, banking and financial services, entertainment
and media, Internet-based services, technology and software,
defense, retail operations, and manufacturing, among other
industrial classifications. Mr. Didden became partner at Wachtell
Lipton in January 2009.
Mr. Didden joined the firm as an associate in 2001, after
spending two years as a trial attorney with the Antitrust Division
of the United States Department of Justice. While at the
Antitrust Division, Mr. Didden investigated several high-profile
merger transactions, including GE/Honeywell and Viacom/CBS, among
others. Prior to joining the Antitrust Division, he was a law
clerk for the Honorable Hector M. Laffitte, Chief Judge of the U.S.
District Court for the District of Puerto Rico.
Joseph F. Tringali - Simpson Thacher & Bartlett
LLP
Joe Tringali is Of Counsel in Simpson Thacher's New York office
and represents clients on general commercial litigation with an
emphasis on competition matters. He has represented plaintiffs and
defendants in jury and bench trials and argued appeals in federal
and state appellate courts in diverse areas, including antitrust,
breach of contract, copyright infringement, false advertising,
employment discrimination and civil rights. Primarily, he has
litigated antitrust actions and counsels clients under the Sherman,
Clayton, Robinson-Patman and Hart-Scott-Rodino Acts, including
cases alleging monopolization, price-fixing, market and bid
allocations, and other restraints of trade, as well as price
discrimination.
He has obtained antitrust clearance for numerous merger
transactions before the Department of Justice, the Federal Trade
Commission and state antitrust enforcement agencies, as well as
other competition authorities around the world, including
representing US Foods in its proposed acquisition by Sysco, Silver
Lake Partners in its acquisition of Dell, Sealy in its acquisition
by Tempur-Pedic, Wyeth in its sale to Pfizer, Varian Semiconductor
in its acquisition by Applied Materials, Bowne in its sale to R.R.
Donnelly, Alpharma in its acquisition by King Pharmaceuticals,
Altivity Packaging in its acquisition by Graphic Packaging, KeySpan
in its acquisition by National Grid and Kmart in its acquisition of
Sears.
About Sysco
Sysco is the global leader in selling, marketing and
distributing food products to restaurants, healthcare and
educational facilities, lodging establishments and other customers
who prepare meals away from home. Its family of products also
includes equipment and supplies for the foodservice and hospitality
industries. The company operates 194 distribution facilities
serving approximately 425,000 customers. For Fiscal Year 2014 that
ended June 28, 2014, the company generated sales of more than $46
billion. For more information, visit www.sysco.com or connect with
Sysco on Facebook at www.facebook.com/SyscoCorporation or Twitter
at https://twitter.com/Sysco.
About US Foods
As one of America's great food companies and leading
distributors, US Foods is Keeping Kitchens CookingTM and making
life easier for customers, including independent and multi-unit
restaurants, healthcare and hospitality entities, government and
educational institutions. With approximately $22 billion in annual
revenue, the company offers more than 350,000 products, including
high-quality, exclusive brands such as the innovative Chef's Line®,
a time-saving, chef-inspired line of scratch-quality products, and
Rykoff Sexton®, a premium line of specialty ingredients sourced
from around the world. The company proudly employs approximately
25,000 people in more than 60 locations nationwide. US Foods is
headquartered in Rosemont, Ill., and jointly owned by affiliates of
Clayton, Dubilier & Rice LLC and Kohlberg Kravis Roberts &
Co. L.P. Discover more at www.usfoods.com.
CONTACT: For more information contact:
Shannon Mutschler
Vice President, Investor Relations
T 281-584-1308
Charley Wilson
Vice President, Corporate Communications
T 281-584-2423
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