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Staples is back.
On Monday, the Framingham, Massachusetts, office supply chain said it intended to acquire its competitor, Office Depot, for $ 40 per share in cash, an 11% premium over Friday’s closing price. .
“Staples believes that its cash transaction is an attractive value proposition for ODP shareholders that offers a high degree of certainty and is superior to the intrinsic and autonomous value of ODP,” wrote USR Parent, Staples’ corporate name, in a letter .
| Ticker | Safety | Last | change | Change % |
|---|---|---|---|---|
| ODP | ODP CORP | 42.85 | +5.89 | + 15.94% |
Shares in ODP, the parent company of Office Depot, were trading at $ 41 at the start of Monday’s trading. Staples is no longer a public company, having gone private in a $ 6.9 acquisition by private equity firm Sycamore Partners in 2017.
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The proposed acquisition would be the third time that Staples has attempted to acquire Office Depot.
In 1997, the Federal Trade Commission rejected the planned agreement between the two companies, alleging anti-competitive behavior. A similar plan was presented in 2015 and rejected by the agency in 2016.
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