EXHIBIT 99.1
SYSCO Corporation NEWS RELEASE
1390 Enclave Parkway
Houston, Texas 77077-2099
(281) 584-1390
FOR MORE INFORMATION CONTACT:
Ms. Toni R. Spigelmyer
Asst. VP, Investor/Media Relations
1390 Enclave Parkway
Houston, TX 77077-2099
281-584-1458
SYSCO ANNOUNCES SUBSEQUENT OFFERING PERIOD IN GUEST SUPPLY EXCHANGE OFFER
HOUSTON, FEBRUARY 26, 2001 -- SYSCO Corporation (NYSE: SYY) today announced that
it has elected to provide a subsequent offering period in connection with its
exchange offer for shares of Guest Supply, Inc. (NYSE: GSY). SYSCO is making
this announcement at this time solely for the purpose of complying with SEC
rules regarding the required timing of announcements relating to subsequent
offering periods in tender offers. The subsequent offering period will begin on
the next business day following the expiration of the initial offering and will
expire at 11:59 p.m. (EST) on the fifth business day following the expiration of
the initial offering period, unless the subsequent offering period is extended.
The initial offering period is scheduled to expire at 11:59 p.m. (EST) on
Monday, March 5, 2001, subject to extension. If all offer conditions are
satisfied or waived in the initial offering period, SYSCO will immediately
accept for exchange all shares validly tendered prior to the expiration date of
the initial offering period. During the subsequent offering period, SYSCO will
accept and pay for all validly tendered shares when tendered. The same price
paid to Guest Supply stockholders at the conclusion of the initial offering
period will be paid during the subsequent offering period. Shares tendered
during the subsequent offering period may not be withdrawn.
In addition, on February 7, 2001 SYSCO received early termination of the
waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976
relating to its proposed acquisition and on February 6, 2001 Guest Supply
received notification that it was in compliance with the New Jersey Industrial
Site Recovery Act, which compliance is a condition to the proposed acquisition.
Headquartered in Monmouth Junction, New Jersey, Guest Supply operates
principally as a distributor of personal care guest amenities, housekeeping
supplies, room accessories and textiles to the lodging industry, and is a
premier supplier of health and beauty aid products for consumer products
companies and retailers. For the fiscal year ended September 29, 2000 Guest
Supply generated sales of approximately $366 million. Guest Supply operates from
14 distribution centers located throughout the continental United States.
SYSCO is the largest foodservice marketing and distribution organization in
North America, providing food and related products and services to about 356,000
customers. The SYSCO distribution network, supported by more than 40,000
employees, currently extends throughout the entire contiguous United States,
Alaska, the District of Columbia, Hawaii and portions of Canada. For fiscal
2000, which ended July 1, 2000, the company reported sales of $19.3 billion.
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Forward Looking Statements
Certain statements made herein are forward-looking statements. They include
statements regarding completion of the exchange offer, as described in the
preliminary prospectus, and the consideration to be paid by SYSCO in the
exchange offer. These statements are based on management's current expectations
and estimates; actual results may differ materially due to certain risks and
uncertainties. For example, SYSCO's ability to achieve expected results may be
affected by SYSCO's failure to successfully integrate Guest Supply's operations,
the failure of the transaction to close due to the inability to obtain
regulatory or other approvals, failure of the Guest Supply shareholders to
tender shares or to approve the merger, if that approval is necessary, failure
of the combined company to retain key executives and other personnel, conditions
in the economy, industry growth and internal factors, such as the ability to
control expenses. For a discussion of additional factors affecting SYSCO and the
exchange offer and merger, see SYSCO's Registration Statement on Form S-4,
including the prospectus contained therein, as filed with the Securities and
Exchange Commission on February 5, 2001.
Both companies urge investors and security holders to read the following
documents, which are now or will become available, as well as other relevant
documents to be filed, regarding the exchange offer and merger described above,
because they contain important information:
o SYSCO Corporation's preliminary prospectus, prospectus supplements, final
prospectus and tender offer materials.
o SYSCO Corporation's Registration Statement on Form S-4 and Schedule TO
containing or incorporating by reference certain documents and other
information about SYSCO and Guest Supply.
o Guest Supply's Solicitation/Recommendation Statement on Schedule 14D-9.
o Guest Supply's Information Statement on Schedule 14F-1.
These documents and amendments to these documents have been or will be filed
with the Securities and Exchange Commission. When these and other documents are
filed with the SEC, they may be obtained free at the SEC's web site at
www.sec.gov. You may also obtain free copies of these documents from SYSCO
Corporation by directing your request to Investor Relations by fax at (281)
584-2721.
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