Sysco says in 'a good place' regarding U.S. Foods merger Sees cost synergies at a minimum of $600M. Says working with FTC in "very collaborative" way. Says weather impacted January, February, says March bounced back, saw "nice" sales growth. Says expects to remain acquisitive. Says would like to grow dividend at 40%-50% of earnings. Comments made at the Goldman Sachs Lodging, Gaming, Restaurant and Leisure Conference.
Sysco announces $1.5B accelerated share repurchase program Sysco announced that it has entered into accelerated share repurchase agreements to repurchase an aggregate of $1.5B of the company's common stock with an initial delivery of approximately 32M shares based on current market prices. The ASR is part of Sysco's $3B share repurchase program previously authorized by its board of directors and announced on June 29. Purchases under the ASR are expected to be completed by May 2016.