Staples, known as USR Parent, Inc., on Friday floated a proposal to acquire ODP Corp.’s consumer business for $1.0 billion or $18.27 per share in cash. ODP’s consumer business includes the Office Depot and OfficeMax retail stores business, the direct channel business (officedepot.com), and the Office Depot and OfficeMax intellectual property, including all brand names.
In a letter sent to the Board of Directors of ODP, staples said the cash consideration of approximately $18.27 per common share represents approximately 43% of the 30 day average closing share price for the Company of $43.21 as of June 2, 2021.
Staples noted that it intends to provide the Company with customary equity and debt financing commitment letters sufficient to provide all required funding for the transaction, and Staples’ obligation to complete the transaction will not be conditioned on the receipt of financing.
Staples said it filed for the necessary governmental antitrust approvals to acquire the Company in November 2020. It is also confident that the parties will be able to expeditiously obtain the necessary antitrust approvals for the proposed acquisition of the Consumer Business.
“We believe our proposal represents a compelling opportunity for the Company and its shareholders. We look forward to working with the Company to negotiate and sign the necessary definitive agreements for the proposed transaction, and to proceed to closing the transaction as soon as practicable,” Staples wrote in the letter.
Source: Read Full Article
City firm bags ₹350-cr. order from Maldives
Sun Pharma, Dr Reddy's, Aurobindo recall products in the U.S. market
New York Community Bancorp, Flagstar Bancorp To Combine In $2.6 Bln All Stock Deal – Quick Facts
Fitch lifts RIL’s rating a notch above India’s
Provident Financial Services, Lakeland Bancorp To Merge In All-stock $1.3 Bln Deal