Staples moves forward with Corporate Express bid

FRAMINGHAM, Mass. Staples has launched a public offer of EUR 8.00 per share (9.52 USD) in cash for any and all ordinary shares, including ordinary shares represented by ADSs, in the share capital of Corporate Express N.V., following the receipt of approval of the offer memorandum from the Netherlands Authority for the Financial Markets. The enterprise value, including net debt, for the transaction is approximately EUR 2.8 billion (USD 4.3 billion).

“We are making this offer directly to the shareholders following Corporate Express’ unwillingness to allow us to perform due diligence and negotiate a transaction,” said Ron Sargent, Staples chairman and ceo. “We firmly believe that our offer of EUR 8.00 per ordinary share delivers superior value to Corporate Express’ shareholders, and does so without the risks found in Corporate Express’ long-term business plan. Rather than the uncertainty of potential value for Corporate Express’ shareholders, our offer provides them with the certainty of realizing immediate and premium value for their investment.”