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Staples Makes $1B Bid for Office Depot, OfficeMax

Staples Corporation is proposing to acquire ODP Corporation’s consumer business for $1 billion in cash. The bid for the Office Depot and OfficeMax brands follows ODP’s announcement last month that it would spin off its distribution platform as a separate company.

Framingham, MA-based Staples offered approximately $18.27 per share for the consumer business. In a letter to OPD’s board, Staples said the offer represents a 43% premium to the 30-day average closing price of ODP’s stock as of June 2.

Staples said its proposal also provides ODP “with substantial certainty that the parties will be able to consummate the proposed transaction. Staples intends to provide the company with customary equity and debt financing commitment letters sufficient to provide all required funding for the transaction,” which won’t be conditioned on Staples’ receipt of financing.

ODP’s board it was “carefully reviewing” Staples’ offer with assistance from its financial and legal counsel.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types as well as delving into broader subject matter. He produces 15-20 daily news stories per day and also works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.

  • ◦Sale/Acquisition
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