Performance Food Group Enters into Information Sharing Arrangement with US Foods

RICHMOND, VA - Performance Food Group Company announced that it has entered into a clean team agreement with US Foods Holding Corp. that enables the companies to share information in order to evaluate regulatory considerations and the synergies related to a potential business combination.

In recent weeks, members of the PFG Board and management team engaged with several of PFG’s large stockholders to hear their perspectives, and the Company is committed to continuing that dialogue. The Company also engaged with US Foods on how the two companies could most effectively explore a potential business combination while safeguarding confidential information. Following these conversations, the PFG Board, along with its independent financial and legal advisors, concluded that there was sufficient basis to begin information sharing. The companies are therefore initiating a clean team process consisting of a group of independent lawyers, economists, and consultants who will perform analysis using more detailed confidential information.

According to the recent release, there can be no assurance that this information sharing will result in any transaction proposal, or any assurance as to its outcome or timing. PFG does not intend to make additional comments regarding this matter unless and until a definitive agreement is executed or PFG and US Foods terminate discussions.