Staples in early 2015 unveiled a plan to acquire Office Depot for about $6.3 billion in cash and stock, but by mid-2016 called off the acquisition after it was blocked by a Federal judge after the U.S. This is at least the second time Staples has publicly made plans to acquire Office Depot. Neither Staples nor Office Depot responded to CRN enquiries for further information. As part of its review, the Board is evaluating various components of the proposal, including potential antitrust and other regulatory challenges given USR Parent’s ownership of Staples and past regulatory decisions blocking the combination of the two companies, purchase price, and closing conditionality,” Office Depot wrote.
“Consistent with its fiduciary duties, ODP’s board of directors is carefully reviewing the proposal in consultation with its financial and legal advisors to determine the course of action that it believes is in the best interests of the Company and its shareholders. Kaluzny is managing director of Sycamore Partners, the New York-based investment firm which owns USR Parent.Īfter Staples’ offer was made public, Office Depot, with its ticker symbol of “ODP,” on Monday replied via a press release stating that it has received the proposal. “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,” wrote Stefan Kaluzny, on behalf of the board of directors of USR Parent. That, according to Staples, is a 61-percent premium over Office Depot’s average closing share price over the last 90 trading days. The parent company of office supply retailer Staples is making yet another attempt to acquire rival Office Depot in a $2.1 billion deal that proposes the eventual divestiture of Office Depot’s business-to-business-focused holdings, including IT managed service provider CompuCom.įramingham, Mass.-based USR Parent, the corporate name of Staples, on Monday wrote to the board of directors of Boca Raton, Fla.-based Office Depot a proposal to acquire that company for $40 per share in cash, or a total of about $2.1 billion.
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