PFG shareholders vote
to approve merger plan
May 16, 2008 8:48 AM
Performance Food Group Company’s shareholders have voted to approve the proposed merger of the company with a wholly owned subsidiary of an affiliate of The Blackstone Group and Wellspring Capital Management LLC pursuant to the terms of the merger agreement dated January 18, 2008.
Based upon a preliminary tally of shares voted, about 27.7 million shares were voted (in person or by proxy) at a special meeting May 14, 2008, representing 77.9% of PFG’s total outstanding voting shares as of the April 3, 2008, record date. Of those shares voting, roughly 27.6 million shares voted in favor of approval of the merger agreement, representing 99.8% of PFG’s total outstanding voting shares as of the April 3, 2008, record date.
Under terms of the merger agreement, PFG shareholders will receive $34.50 in cash, without interest and less applicable withholding tax requirements, for each share of the company’s common stock held as of the effective time of the merger. The transaction is anticipated to close by the end of the second quarter of 2008.
Performance Food Group markets and distributes more than 68,000 national and private label food and food-related products to 41,000-plus restaurants, hotels, cafeterias, schools, healthcare facilities, and other institutions.
