HOUSTON, Feb. 20, 2015 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE: SYY) today will host a conference call to brief analysts and news media on the merits of the legal case surrounding its proposed merger with US Foods, as well as the expected steps in the legal process.
On Thursday, Feb. 19, the Federal Trade Commission (FTC), by a slim margin of 3-2, announced it will seek a preliminary injunction in the U.S. District Court for the District of Columbia to prevent the parties from closing the transaction. The narrow vote demonstrates a lack of consensus within the Commission that the proposed merger could be viewed as harmful to competition under the law.
Sysco's outside antitrust counsel will discuss the facts supporting the merger with US Foods and why the FTC's decision is based on an erroneous view of the competitive dynamics of the foodservice distribution industry.
What:
Conference call/webcast with Sysco's outside antitrust counsel to discuss facts supporting its proposed merger with US Foods.
To listen to a live webcast of this event, go to www.sysco.com/investors at least 10 minutes prior to the scheduled start time to register for the call and download and install any necessary audio software. A webcast replay of the conference call will be available on Sysco's website shortly after the live webcast is completed.
Biographies
Richard Parker - O'Melveny & Myers LLP
Rich Parker is a partner in O'Melveny's Washington, DC office and Chair of the Firm's Antitrust and Competition Practice. He has extensive experience in antitrust matters both before the enforcement agencies and in the courts. After Rich served as lead trial counsel and negotiated a very favorable settlement for US Airways that resolved the DOJ's attempt to block the airline's merger with American Airlines, Global Competition Review recognized him as "Litigator of the Week" and said that, "[i]f O'Melveny & Myers partner Rich Parker wasn't already the most famous antitrust litigator in America, he probably is now." Global Competition Review also named the litigation "Antitrust Matter of the Year" and selected Rich as a finalist for "Lawyer of the Year."
Rich returned to the Firm in February 2001 after three years at the Federal Trade Commission (FTC). During his tenure as Director of the Bureau of Competition, he oversaw the investigations of the Exxon-Mobil, BP Amoco - ARCO, and AOL - Time Warner mergers. During his tenure as Senior Deputy Director, Rich was co-lead counsel for the FTC in obtaining a federal court injunction against the mergers of both Cardinal Health with Bergen Brunswig and McKesson with AmeriSource Health. After his return to O'Melveny, Rich, on behalf of Triton Coal, led a successful defense of the Arch Coal – Triton Coal merger against the FTC in federal court.
Rich is both a trial lawyer and an antitrust regulatory lawyer. He has been involved in many major antitrust representations, including criminal, merger, and government civil investigations, as well as class action litigation. He regularly represents clients before the FTC and the Department of Justice Antitrust Division on mergers, conduct investigations, criminal matters, and policy issues.
Damian G. Didden - Wachtell, Lipton, Rosen & Katz
Damian G. Didden practices in Wachtell, Lipton, Rosen & Katz's Antitrust Department where he advises clients on various aspects of competition law matters. Mr. Didden's particular focus is analyzing the antitrust risk of mergers and acquisitions, and guiding clients through the merger review process before federal, state and foreign regulators. He has advised clients engaged in a diverse spectrum of sectors, including: telecommunications, banking and financial services, entertainment and media, Internet-based services, technology and software, defense, retail operations, and manufacturing, among other industrial classifications. Mr. Didden became partner at Wachtell Lipton in January 2009.
Mr. Didden joined the firm as an associate in 2001, after spending two years as a trial attorney with the Antitrust Division of the United States Department of Justice. While at the Antitrust Division, Mr. Didden investigated several high-profile merger transactions, including GE/Honeywell and Viacom/CBS, among others. Prior to joining the Antitrust Division, he was a law clerk for the Honorable Hector M. Laffitte, Chief Judge of the U.S. District Court for the District of Puerto Rico.
Joseph F. Tringali - Simpson Thacher & Bartlett LLP
Joe Tringali is Of Counsel in Simpson Thacher's New York office and represents clients on general commercial litigation with an emphasis on competition matters. He has represented plaintiffs and defendants in jury and bench trials and argued appeals in federal and state appellate courts in diverse areas, including antitrust, breach of contract, copyright infringement, false advertising, employment discrimination and civil rights. Primarily, he has litigated antitrust actions and counsels clients under the Sherman, Clayton, Robinson-Patman and Hart-Scott-Rodino Acts, including cases alleging monopolization, price-fixing, market and bid allocations, and other restraints of trade, as well as price discrimination.
He has obtained antitrust clearance for numerous merger transactions before the Department of Justice, the Federal Trade Commission and state antitrust enforcement agencies, as well as other competition authorities around the world, including representing US Foods in its proposed acquisition by Sysco, Silver Lake Partners in its acquisition of Dell, Sealy in its acquisition by Tempur-Pedic, Wyeth in its sale to Pfizer, Varian Semiconductor in its acquisition by Applied Materials, Bowne in its sale to R.R. Donnelly, Alpharma in its acquisition by King Pharmaceuticals, Altivity Packaging in its acquisition by Graphic Packaging, KeySpan in its acquisition by National Grid and Kmart in its acquisition of Sears.
About Sysco
Sysco is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of products also includes equipment and supplies for the foodservice and hospitality industries. The company operates 194 distribution facilities serving approximately 425,000 customers. For Fiscal Year 2014 that ended June 28, 2014, the company generated sales of more than $46 billion. For more information, visit www.sysco.com or connect with Sysco on Facebook at www.facebook.com/SyscoCorporation or Twitter at https://twitter.com/Sysco.
About US Foods
As one of America's great food companies and leading distributors, US Foods is Keeping Kitchens CookingTM and making life easier for customers, including independent and multi-unit restaurants, healthcare and hospitality entities, government and educational institutions. With approximately $22 billion in annual revenue, the company offers more than 350,000 products, including high-quality, exclusive brands such as the innovative Chef's Line®, a time-saving, chef-inspired line of scratch-quality products, and Rykoff Sexton®, a premium line of specialty ingredients sourced from around the world. The company proudly employs approximately 25,000 people in more than 60 locations nationwide. US Foods is headquartered in Rosemont, Ill., and jointly owned by affiliates of Clayton, Dubilier & Rice LLC and Kohlberg Kravis Roberts & Co. L.P. Discover more at www.usfoods.com.
CONTACT: For more information contact:
Shannon Mutschler
Vice President, Investor Relations
T 281-584-1308
Charley Wilson
Vice President, Corporate Communications
T 281-584-2423
