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Vistar's deal to take Performance Food private closer to completion
By Lisa Kerner
Charlotte, N.C., March 14 - Performance Food Group Co. expects to hold a special meeting of stockholders to vote on its proposed combination with Vistar Corp. in late March or early April, with the transaction slated to close by the end of the second quarter.
Performance Food, a Richmond, Va., restaurant food distributor, filed a preliminary proxy statement with the Securities and Exchange Commission on Feb. 15 related to its merger agreement with Vistar, which is owned by affiliates of the Blackstone Group and Wellspring Capital Management LLC.
A copy of the proxy statement will be mailed to Performance Food shareholders in late March or early April, a company news release stated.
In January, Vistar, a Denver-based foodservice distributor, agreed to acquire Performance Food for $34.50 per share in a going-private transaction valued at approximately $1.3 billion.
A $40 million break-up fee, plus expenses up to $7.5 million, was included in the agreement, it was previously reported.
Once combined, the business will be called Performance Food Group and will operate out of Richmond, Va.
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