Staples Inc., the office products retailer, today announced it has increased its offer for Corporate Express NV to €9.15 per share.
The retailer’s offer is contingent upon Corporate Express’ shareholders rejecting the proposed Lyreco transaction. Investors with approximately 23.3 percent share capital in Corporate Express have already agreed to sell their shares.
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The offer from Staples is a 26 percent increase on the initial offer price per ordinary share of €7.25 the company proposed on February 19, 2008. It has received antitrust clearance in the US and Canada for the deal, and awaits clearance from the European Union on or before June 17, 2008.
Staples lowered its minimum acceptance condition to 51 percent of the voting rights attached to the fully diluted share capital as part of the deal.
The transaction between Corporate Express and Lyreco to combine the two businesses was announced on May 21, 2008.
Corporate Express has not commented on Staples’ increased offer but the company is due to make a statement in due course.
Staples expects to close its offer in early July, 2008.
June 3, 2008