Staples mentioned on Friday it had supplied to purchase Workplace Depot proprietor ODP Corp’s shopper enterprise for $1 billion, the newest effort by the workplace provides retailer to accumulate its rival’s belongings.
Staples supplied about $18.27 per share for the enterprise, which it mentioned represents a premium of about 43 p.c to the 30-day common closing worth of ODP’s inventory as of June 2.
ODP mentioned it’s reviewing Staples’ proposal with the help of its monetary and authorized advisors.
Shares in ODP closed up 11.2 p.c at $49.56 on Friday, after hitting a close to four-year excessive of $50.14 in the course of the session.
Final month, ODP mentioned it could spin off its distribution platform, which faculties, workplaces and different companies use to purchase provides, right into a separate firm.
Staples is now proposing to purchase ODP’s unit that features the Workplace Depot and OfficeMax retail retailer companies.
By Aishwarya Venugopal and Mehr Bedi