Performance Food Group says Sachem Head plans to nominate 4 directors

Performance Food Group (NYSE:PFGC) said that activist investor Sachem Head last month disclosed its intention to nominate four directors to the board.

Sachem Head has focused its dialogue with Performance Food (NYSE:PFGC) on the suggestion that PFGC explore a business combination with US Foods (USFD)  and without a deal PGFC consider ways to further improve margins, according to a statement on Monday.

The statement come after US Foods (NYSE:USFD) confirmed last month that it had approached Performance Food (NYSE:PFGC) about exploring the merits of a combination.

Performance Food (PFGC) hasn't heard directly from US Foods (USFD) in several months, and to date, "US Foods has not put forward any transaction proposal that outlines how a possible business combination would deliver value and certainty to PFG stockholders."

"While we are confident in our strategy, the PFG Board is committed to taking actions that are in the best interests of all PFG stockholders and would evaluate any bona fide, value-enhancing transaction proposal," Performance Food added.

PFGC's board nominating and corporate governance committee will review Sachem Head's nomination letter, and the board has requested to review the nominees. 

Sachem Head’s nominees included in its nomination notice are Scott D. Ferguson, David A. Toy, R. Chris Kreidler and Karen M. King.