05/18/2021

INDUSTRY NEWS

Acquisition Headlines

Performance Food Group Company to Acquire Core-Mark

MAY 18, 2021 – Performance Food Group Company and Core-Mark Holding Company, Inc. today announced that they have entered into a definitive agreement pursuant to which PFG will acquire Core-Mark in a stock and cash transaction.

Under the terms of the transaction, which has been unanimously approved by the Board of Directors of each company, Core-Mark shareholders will receive $23.875 per share in cash and 0.44 PFG shares for each Core-Mark share. The transaction values Core-Mark at approximately $2.5 billion, including Core-Mark’s net debt. Upon closing of the transaction, Core-Mark shareholders will own approximately 13% of the combined company. Core-Mark expects to continue paying its current quarterly dividend through the completion of the transaction.

Read more HERE

FTC Questions Legality of Closing of Speedway Sale

IRVING, Texas — The year's largest acquisition to date closed on May 14, but it may be not have had the blessing of the Federal Trade Commission (FTC).  7-Eleven and Marathon Petroleum say they moved forward with the deal after several waiting periods expired.  Read more HERE

Less than one week after 7-Eleven Inc. closed on its acquisition of Speedway LLC from Marathon Petroleum Corp. (MPC), the operator announced it is selling off 293 stores as part of a settlement with the Federal Trade Commission.  Read more HERE.