A US Foods Inc. executive said in federal court that his company would walk away from its planned merger with rival Sysco Corp. if the presiding judge issues an injunction to preliminarily block the deal.
David Schreibman, an executive vice president for strategy at US Foods, told U.S. District Judge Amit Mehta his company isn't willing to endure additional lengthy periods of uncertainty about its business while engaging in a protracted legal fight with U.S. antitrust enforcers.
The Federal Trade Commission, which spent more than a year reviewing Sysco's proposed acquisition of US Foods, sued the companies in February. The commission wants Judge Mehta to block the deal preliminarily.
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