- A US Foods executive said in federal court today that his company would walk away from its planned merger with Sysco (NYSE:SYY) if the presiding judge issues an injunction to preliminarily block the deal.
- David Schreibman, an executive VP at US Foods, told the judge that his company is not willing to endure a protracted legal fight with U.S. antitrust enforcers.
- Also, SYY CEO Bill DeLaney disputed government claims his company could target customers for price increases if it acquired US Foods, saying customers would take their business to other distributors.
- The FTC, which sued the companies in February after spending more than a year reviewing the proposed merger, wants the judge to block the deal preliminarily while it holds a longer in-house administrative beginning in July.