Staples increases offer for Corporate Express

FRAMINGHAM, Mass. Staples reported that it has increased its offer price for Corporate Express to EUR 8.00 ($9.52 USD) per ordinary share.

Staples said that it has extended multiple invitations, including as recently as last Friday, to Corporate Express' boards to engage in constructive dialogue regarding Staples' offer. According to Staples, the board have refused to negotiate the merits of Staples' proposals. Staples continues to believe that its offer is the most valuable option available to Corporate Express' shareholders given the uncertainty surrounding a turnaround plan. Staples' offer will also deliver significant benefits to Corporate Express' customers and employees.

Ron Sargent, chairman and ceo of Staples, said, "Given the unwillingness of Corporate Express to negotiate a transaction, we will make our offer directly to shareholders. Today we announced a highly attractive offer for Corporate Express at a compelling valuation. We are offering certain cash value versus the considerable uncertainties of management's long range guidance."