SYY Sysco Corp

US FOODS HOLDING

IPO Is Expected to Raise $1 Billion

US Foods Holding Corp. said it expects to raise about $1 billion in an initial public offering of stock, and that the company would use the proceeds to pay back some of its debt.

US Foods put a price range of $21 to $24 a share on its IPO, the company said in a regulatory filing Friday, nearly a year after larger rival Sysco Corp. abandoned a tie-up following a federal ruling against the planned marriage.

The company could raise up to $1.23 billion from the offering if the stock prices at the high end of its estimated range and its so-called overallotment is fully sold.

--Joshua Jamerson

Scott Trust

Ex-Editor Won't Return as Chairman

Alan Rusbridger, former editor of the U.K.'s Guardian newspaper, said Friday that he wouldn't return as planned to be chairman of Scott Trust Ltd., which owns the Guardian and its sister publication the Observer.

Mr. Rusbridger, who also resigned Friday from the trust's board, said he and the management team disagreed on how to handle the media organization's financial troubles. He had stepped down as the Guardian's longtime editor in 2015 and was meant to return as chairman of the trust this September.

The departure of Mr. Rusbridger, one of Britain's best-known journalists, reflects how media organizations continue to struggle in the digital age. Advertisers are spending less money on traditional news publications and more on popular online sites such as Facebook Inc.

Current Scott Trust Chairwoman Liz Forgan said Friday that she would remain in her role while the organization searches for her successor.

--Stu Woo

KRISPY KREME DOUGHNUTS

Chain to Sell Sweets to Stores

Krispy Kreme Doughnuts Inc., which earlier last week revealed it would be acquired by a European investment fund, said Friday it will bring packaged sweets to convenience stores in the U.S.

The Winston-Salem, N.C.-maker of hot glazed doughnuts said it will bring the packaged items to stores through a partnership with distributor TSW Foods LLC.

Many of the sweets -- honey buns, single-serve pies and "snack bags" -- are to be differentiated by its original glaze flavor.

Krispy Kreme already has some products available at convenience stores nationwide.

--Joshua Jamerson

GENERAL MOTORS

GM Closes on Deal For Cruise Automation

General Motors Co. said Friday it has closed on its acquisition of Cruise Automation Inc., a Silicon Valley company developing autonomous-vehicle technology.

GM said in a statement additional details of the acquisition will be disclosed with the company's second quarter financial results. The auto maker typically reports its second-quarter earnings in late July.

GM in March said it would acquire Cruise to accelerate its efforts to develop self-driving cars. The deal is valued at more than $1 billion, according to people familiar with the terms, and is a building block in the Detroit auto giant's strategy to better compete with tech giants plowing further into the business --including Apple Inc., Uber Inc. and Alphabet Inc.'s Google car program.

Cruise software will be part of a coming self-driving taxi pilot run by GM and Lyft Inc., a ride-hailing service that competes with Uber.

--Gautham Nagesh

(END) Dow Jones Newswires

May 16, 2016 02:48 ET (06:48 GMT)

Sysco (NYSE:SYY)
Historical Stock Chart
From Mar 2024 to Apr 2024

Sysco (NYSE:SYY)
Historical Stock Chart
From Apr 2023 to Apr 2024