Sysco slips on $1 bln stock sale for Jetro Restaurant Depot acquisition

Sysco

15/09/2026 10:47

**  Food distributor Sysco Corp's SYY.N shares down 2.4% at $81.50 in premarket trading on Tues after $1 bln M&A-related follow-on priced
** SYY early Tues announced ~12.3 mln shares at $81, which is 3% discount to stock's last close
** Co, which has ~479.1 mln shares outstanding, intends to use net offering proceeds to finance pending acquisition of Jetro Restaurant Depot
** In March, Houston, Texas-based SYY said it would buy the catering supplier in a $29 bln deal, comprising $21.6 bln of cash and balance in stock
** Goldman Sachs and TD Secs lead bookrunners for stock offering, along with BofA, JP Morgan and Wells Fargo
** At Mon close, SYY stock up ~13% YTD, outpacing 8% advance in S&P 500 Consumer Staples sector .SPLRCS
** Avg rating of 17 analysts is "buy"; median PT $90, per latest LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))