Staples to buy Corporate Express
The Dutch office supplies distributor Corporate Express NV said Wednesday it will recommend a $14.36 per share takeover bid by Staples Inc. to shareholders, reversing an earlier plan to merge with a French competitor.
The boards of Corporate Express said they decided to endorse the Staples (SPLS, Fortune 500) deal after the U.S. company raised its offer for the fourth time to $14.36 per share.
Including Corporate Express debt, the offer values the company at around $4.8 billion, the companies said in a joint statement.
The companies said they "have agreed on a number of key issues with regard to strategy, employees and integration process."
Amsterdam-based Corporate Express said it has broken off a merger agreement with Lyreco of France cash advance flexible payments.
The Staples deal will be presented to shareholders at a meeting on June 18.
Corporate Express shares rose 1.4% in early trading in Amsterdam.
Filed under: technology by Wolf