US Foods Files for IPO of Roughly $100 Million
February 09 2016 - 6:50PM
Dow Jones News
US Foods Holding Corp. filed plans for a roughly $100 million
initial public offering of its shares, following its failed effort
to be acquired by Sysco Corp.
Rival Sysco dropped its more than year-and-a-half effort to buy
US Foods in June after a federal judge ruled against the proposed
merger of the companies amid concerns it would harm competition.
Sysco, the nation's largest purveyor of food and other supplies to
restaurants and cafeterias, disclosed its $3.5 billion bid for US
Foods in December 2013.
US Foods didn't include specific financial terms of the IPO in
its filing with the U.S. Securities and Exchange Commission. The
$100 million is a preliminary placeholder used to calculate
registration fees and is subject to change. The company said it
would use the proceeds from the IPO to repay debt and for other
purposes.
US Foods said that after the IPO, its biggest stockholders,
Clayton Dubilier & Rice LLC and KKR & Co., each of which
has a stake of roughly 49.3%, would maintain control of the
company.
In its regulatory filing, US Foods said that it is the
second-largest food service distributor in the U.S., with a market
share of roughly 9%, in the fragmented and growing sector. For the
12-month period ended Sept. 26, US Foods said it posted net sales
of $23 billion.
US Foods said it intends to list its stock on The New York Stock
Exchange under the ticker symbol "USFD."
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
February 09, 2016 18:35 ET (23:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Sysco (NYSE:SYY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sysco (NYSE:SYY)
Historical Stock Chart
From Apr 2023 to Apr 2024
