Original air date:
June 6, 2014
Repeat broadcast on June 18, 2014
Register at http://www.mhmcpa.com
Most tax-exempt organizations are required to file Form 990 with the Internal Revenue Service (IRS) each year to maintain their tax-exempt status. Similarly, many organizations also file Form 990-T annually to measure and report unrelated business income tax (UBIT). Join us for this course as experts from our Not-for-Profit & Education Practice Group discuss these forms and areas that often garner additional attention by the IRS. We will cover best practices in Form 990 preparation so that you can best present your organization in this important public-facing document and minimize organizational risk.
Food & Water Watch Comment on Proposed Sysco US Foods MergerMark Moreno
Washington, D.C. — In response to the latest news of giant food corporations seeking to further consolidate, Food & Water Watch demanded that the U.S. Federal Trade Commission undertake a thorough and comprehensive analysis of the proposed merger between the two biggest U.S. foodservice distribution firms: Sysco Corp. and US Foods Holding Corp. These companies deliver food to restaurants, schools, hotels and other cafeteria and hospitality establishments.
In a letter sent yesterday to FTC Bureau of Competition Director Deborah Feinstein, Food & Water Watch outlines several antitrust concerns with the proposed corporate union that deserve close scrutiny; requests the agency to oppose the early termination of the antitrust review and urges federal regulators to extend the merger waiting period to thoroughly review the implications of the proposed merger. Food & Water Watch http://www.foodandwaterwatch.org/pressreleases/food-water-watch-slams-sysco-us-foods-merger/
Original air date:
June 6, 2014
Repeat broadcast on June 18, 2014
Register at http://www.mhmcpa.com
Most tax-exempt organizations are required to file Form 990 with the Internal Revenue Service (IRS) each year to maintain their tax-exempt status. Similarly, many organizations also file Form 990-T annually to measure and report unrelated business income tax (UBIT). Join us for this course as experts from our Not-for-Profit & Education Practice Group discuss these forms and areas that often garner additional attention by the IRS. We will cover best practices in Form 990 preparation so that you can best present your organization in this important public-facing document and minimize organizational risk.
Food & Water Watch Comment on Proposed Sysco US Foods MergerMark Moreno
Washington, D.C. — In response to the latest news of giant food corporations seeking to further consolidate, Food & Water Watch demanded that the U.S. Federal Trade Commission undertake a thorough and comprehensive analysis of the proposed merger between the two biggest U.S. foodservice distribution firms: Sysco Corp. and US Foods Holding Corp. These companies deliver food to restaurants, schools, hotels and other cafeteria and hospitality establishments.
In a letter sent yesterday to FTC Bureau of Competition Director Deborah Feinstein, Food & Water Watch outlines several antitrust concerns with the proposed corporate union that deserve close scrutiny; requests the agency to oppose the early termination of the antitrust review and urges federal regulators to extend the merger waiting period to thoroughly review the implications of the proposed merger. Food & Water Watch http://www.foodandwaterwatch.org/pressreleases/food-water-watch-slams-sysco-us-foods-merger/
FTC Complaint Sysco US Foods AcquisitionMark Moreno
Respondents are—by a wide margin—the two largest broadline foodservice distributors in the United States and each other’s closest competitor. Sysco and US Foods are the
only two broadline distributors with nationwide networks of distribution centers, making them the best options for customers with facilities spread across the country.
Respondents also compete fiercely with one another in numerous local areas to serve independent restaurants and other foodservice customers.
With Sysco, you can work as a Warehouse clerk or Forklift operator or Forklift mechanic as well. As far as clerical warehouse duties are concerned, you will be working with vendors and outside carriers and tracking loads and scheduling them. You will be responsible for ensuring proper paperwork and necessary processing. You will process orders in both IDS and EXE for order extraction. You will be required to work closely with the management team and ensure smooth operation of the warehouse. You will also perform other duties as assigned by the supervisor.
HOUSTON, TX and ROSEMONT, IL – December 9, 2013 – Sysco Corporation [NYSE: SYY] and US Foods today announced an agreement to merge, creating a world-class foodservice company. The total enterprise value of the transaction is approximately $8.2 billion and the combination has been approved by the Board of Directors of each company.
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LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
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2. Forward-Looking Statements
Information included in this document (including information included or incorporated by reference in this document) that look forward
in time or that express beliefs, expectations, or hopes are forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are all statements other than statements of historical facts. The words
“anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “intends,” “likely,” “will,” “should,” “to be” and any
similar expressions or other words of similar meaning are intended to identify those assertions as forward-looking statements. Such
forward-looking statements reflect the views of management at the time such statements are made and are subject to a number of
risks, uncertainties, estimates, and assumptions that may cause actual results to differ materially from current expectations, including
but not limited to the ability of the parties to satisfy the conditions precedent and consummate the proposed merger, the timing of
consummation of the proposed merger, the ability of the parties to secure stockholder and regulatory approvals in a timely manner or
on the terms desired or anticipated, the ability of Sysco to integrate the acquired operations, the ability to implement the anticipated
business plans of the combined company following closing and achieve anticipated benefits and savings, risks related to disruption of
management’s attention from ongoing business operations due to the pending merger, the effect of the announcement of the proposed
merger on either party’s relationships with their respective customers, vendors, lenders, operating results and businesses generally, the
outcome of any legal proceedings related to the proposed merger, the general risks associated with the respective businesses of Sysco
and US Foods, including the risk of interruption of supplies due to lack of long-term contracts, intense competition, severe weather, crop
conditions, work stoppages, inflation risks, the impact of fuel prices, adverse publicity, labor issues, and risks impacting the economy
generally, including the risks that the current general economic conditions will deteriorate, or that consumer confidence in the economy
may not increase and decreases in consumer spending, particularly on food-away-from-home, may not reverse. For a discussion of
additional factors impacting Sysco's business, see Sysco’s Annual Report on Form 10-K for the year ended June 29, 2013, as filed with
the Securities and Exchange Commission and the Company's subsequent filings with the SEC. For a discussion of additional factors
impacting US Foods’ business, see US Foods’ filings with the SEC. Neither Sysco nor US Foods undertakes to update or revise any
forward-looking statements, based on new information or otherwise.
Additional Information for US Foods Stockholders
In connection with the proposed transaction, Sysco currently intends to file a Registration Statement on Form S-4 that will include a
consent solicitation statement of US Foods. Sysco also plans to file other relevant materials with the SEC. Stockholders of US Foods are
urged to read the consent solicitation statement/prospectus contained in the Registration Statement and other relevant materials
because these materials will contain important information about the proposed transaction. These materials will be made available to
the stockholders of US Foods at no expense to them. The consent solicitation statement/prospectus, Registration Statement and other
relevant materials, including any documents incorporated by reference therein, may be obtained free of charge at the SEC’s website at
www.sec.gov or for free from Sysco at www.sysco.com/investors or by emailing investor_relations@corp.sysco.com. Such documents
are not currently available. You may also read and copy any reports, statements and other information filed by Sysco with the SEC at
the SEC public reference room at 100 F Street N.E., Room 1580, Washington, D.C. 20549. Please call the SEC at (800) 732-0330 or
visit the SEC's website for further information on its public reference room.
This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as amended.
2
4. Consistent with Sysco’s Strategic Focus
Sustainable
Profitable
Growth
Operating
Margin
Reduce operating
costs
Leverage customer
insights
Lower product costs
Enhance and expand
channels
Continue to develop
Sysco Ventures
Increase customer
retention
Further develop
enterprise structure
Execute fold-in and
regional acquisitions
Integrate higher
margin products
Build human capital
Expand international
growth
Asset Optimization
and Free Cash Flow
Invest prudently in the core
Increase working capital efficiency
Increase capital efficiency
Use our capital structure as a
competitive advantage
4
5. A Transformational Acquisition
Benefits all stakeholders
Customers
Suppliers
Combined strengths deliver greater value, more services and
innovation for customers
Strengthen our role as our customers’ most valued and trusted
business partner
Achieve shared efficiencies with suppliers
Platform for enhanced innovation and development of exclusive
products
Employees
Greater opportunities for career development
Enhanced financial stability drives benefits to employees
Shareholders
Leverage revenue growth through best-in-class operating
efficiencies and lowest-cost to serve
Strong EPS growth and substantial cash flow
5
6. A World Class Foodservice Company
Complementary core strengths
Sysco operations and service fit nicely with US Foods food and innovation
focus
Scale advantages
More leverage to lower cost of goods, accelerate innovation, and improve
overall service
Improved offerings
New ability to create a compelling product portfolio and differentiated
solutions by segment
Enhanced productivity
Streamlined operations will enhance productivity and lower cost to serve
Multi-channel approach
US Foods’ mobile app and “Cash & Carry” stores complement Sysco’s ISR
and MA strength
6
7. Transaction Financing Structure
Approximate Total Transaction Value:
Equity
3.0B Equity holders of US Foods will own
approx. 87 million shares or, 13%, of
combined company at closing, and
A representative of each of US Foods’
majority shareholders will join
Sysco’s Board of Directors
Cash
0.5B
US Foods Net Debt
$4.7B Sysco to assume or refinance
Total Enterprise Value
$8.2B
Represents 9.9x US Foods LTM adjusted EBITDA of $826 million1
1
US Foods LTM adjusted EBITDA of $826 million is as of September 28, 2013
7
8. At Least $600 Million in Estimated Annual Synergies1
Assess
resources
General &
Admin.
Assess
facilities
and logistics
Structural
COGS
Leverage
combined spend
Synergy
Leverage
infrastructure
Selling and
Field
Productivity
Warehouse
and
Distribution
Productivity
Apply best
practices
We Will Continue To Move Forward With Our Business
Transformation Initiatives
1
To be achieved after three to four years
8
9. Combination Creates Significant Shareholder Value
Earnings
Synergies
Cash Flow
Immediately accretive to earnings after adjusting for
transaction-related costs and amortization of intangibles
Annual synergies of at least $600 million realized after
three to four years
Approximate sales of $65 billion
Approximate cash flows of $2 billion
Balance sheet flexibility retained
Balance Sheet
Commitment to maintaining a strong investment grade
credit rating
9