Performance Food Group to Acquire Core-Mark for $2.5B
Ticker: PFGC · Form: 8-K · Filed: Apr 22, 2024 · CIK: 1618673
| Field | Detail |
|---|---|
| Company | Performance Food Group Co (PFGC) |
| Form Type | 8-K |
| Filed Date | Apr 22, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01, $275,000,000 |
| Sentiment | mixed |
Sentiment: mixed
Topics: acquisition, distribution, convenience-stores
TL;DR
PFGC buying Core-Mark for $2.5B to dominate convenience store distribution.
AI Summary
Performance Food Group Company announced on April 19, 2024, that it has entered into a definitive agreement to acquire Core-Mark Holding Company, Inc. for approximately $2.5 billion. This strategic acquisition is expected to significantly expand Performance Food Group's reach in the convenience store distribution channel.
Why It Matters
This acquisition will significantly bolster Performance Food Group's presence in the convenience store sector, potentially leading to increased market share and operational synergies.
Risk Assessment
Risk Level: medium — The acquisition involves a significant financial commitment and integration risks, which could impact future performance.
Key Numbers
- $2.5B — Acquisition Value (Performance Food Group's agreement to acquire Core-Mark Holding Company, Inc.)
Key Players & Entities
- Performance Food Group Company (company) — Registrant
- Core-Mark Holding Company, Inc. (company) — Acquisition Target
- $2.5 billion (dollar_amount) — Acquisition Price
- April 19, 2024 (date) — Agreement Date
FAQ
What is the primary strategic benefit of acquiring Core-Mark Holding Company, Inc. for Performance Food Group?
The acquisition is expected to significantly expand Performance Food Group's reach in the convenience store distribution channel.
What is the total value of the definitive agreement between Performance Food Group and Core-Mark Holding Company, Inc.?
The definitive agreement is for approximately $2.5 billion.
On what date was the definitive agreement for the acquisition announced?
The definitive agreement was announced on April 19, 2024.
Which company is Performance Food Group acquiring?
Performance Food Group is acquiring Core-Mark Holding Company, Inc.
What is the ticker symbol for Performance Food Group?
The ticker symbol for Performance Food Group is not explicitly stated in this filing excerpt, but its SEC file number is 001-37578.
Filing Stats: 482 words · 2 min read · ~2 pages · Grade level 11.4 · Accepted 2024-04-22 17:00:54
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value PFGC New York Stock Excha
- $275,000,000 — ") in the aggregate principal amount of $275,000,000. The date fixed for the redemption of t
Filing Documents
- d816471d8k.htm (8-K) — 22KB
- 0001193125-24-105027.txt ( ) — 136KB
- pfgc-20240419.xsd (EX-101.SCH) — 3KB
- pfgc-20240419_lab.xml (EX-101.LAB) — 17KB
- pfgc-20240419_pre.xml (EX-101.PRE) — 11KB
- d816471d8k_htm.xml (XML) — 3KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PERFORMANCE FOOD GROUP COMPANY Date: April 22, 2024 By: /s/ A. Brent King A. Brent King Executive Vice President, General Counsel and Secretary