Big Law
Staples Proposes $2.1B to Acquire Office Depot After Two Blocked Attempts
Staples is looking to purchase competitor Office Depot – again.
On Monday, Staples sent Office Depot’s board of directors a proposal to acquire “100% of the issued and outstanding common stock” of the company for $40 per share, which it says represents a 61% premium over the chain’s average closing price during the preceding 90 trading days.
The deal is valued at $2.1 billion and this is the third time Staples tried to purchase the rival chain.
Staples said in the letter, which was released publicly, that the regulatory process could take at least six months.
Office Depot confirmed in a statement that it had received Staples’ acquisition proposal and the board with its advisers were reviewing it.
