Staples moves to acquire Office Depot for $2.1B – Fox Business
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Staples is at it again.
On Monday, the Framingham, Mass.-based office-supply chain company said it intended to acquire its competitor, Office Depot, for $40 per share in cash, an 11% premium to Friday’s closing price.
“Staples believes that its all-cash transaction is a compelling value proposition for ODP’s stockholders that offers a high degree of certainty and is superior to the intrinsic, standalone value of ODP,” USR Parent, the corporate name of Staples, wrote in a letter.
Shares of ODP, the parent company of Office Depot, were trading at $41 in early Monday trading. Staples is no longer a public company, having gone private in a $6.9 acquisition by private equity company Sycamore Partners in 2017.
The proposed acquisition would be the third time Staples has tried to acquire Office Depot.
In 1997, the Federal Trade Commission rejected the planned tie-up between the two companies, citing anti-competitive behavior. A similar plan was put forth in 2015 and was rejected by the agency in 2016.