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Holders OK acquisition of Performance Food Group

By Associated Press
May 14, 2008 | Comments (0)

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Performance Food Group Co. said Wednesday its shareholders have approved the acquisition of the food distributor by an affiliate of private equity firm Blackstone Group and Wellspring Capital Management, a private investment company.

Under the terms of the agreement, Performance Food Group shareholders will receive $34.50 per share in cash.

First announced in January, the deal is valued at $1.2 billion, based on 35.6 million shares outstanding as of May 1.

Performance Food Group will be combined with Vistar Corp., a foodservice distributor that Blackstone and Wellspring Capital already control.

The deal is expected to close by the end of the second quarter.

Performance Food Group markets and distributes food to more than 41,000 hotels, cafeterias, schools, health care facilities and restaurants, including Cracker Barrel, TGI Friday's, Outback Steakhouse and Ruby Tuesday.

Shares lost 2 cents to $34.08 in morning trading.

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