This will be the third time that the company has looked to acquire ODP Corp., whose portfolio includes Office Depot, OfficeMax and CompuCom.
The acquisition would see the office supplies retailer pay $2.1bn in cash for ODP Corp. Staples has said that it is prepared to take all of the necessary measures to divest ODP’s business-to-business unit to a FTC approved and qualified buyer.
The company has issued a later, which states: “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. Staples has sufficient resources to finance the transaction, so our obligation to proceed with the transaction is not subject to a financing contingency.”
Office Depot has confirmed that it has received Staples’ acquisition proposal and it intends to review it with the board and its advisers.
