U.S. Stocks Movement | Sysco (SYY.US) plunges nearly 12% as it announces a $29 billion acquisition

On the news front, Sysco, the largest food distributor in the United States serving restaurants, hospitals, and schools, has reached an agreement to acquire the family-owned business Jetro Restaurant Depot for about $29 billion (including debt). According to the acquisition terms announced on Monday, Restaurant Depot shareholders will receive $21.6 billion in cash and 91.5 million Sysco shares. The two companies stated that the total transaction value, including debt, is $29.1 billion, which is more than 14 times Restaurant Depot's operating revenue.