March 17, 2010
Staples Makes Offer For Remaining Corp. Express Shares
By Matthew L. Brown
Looking to scoop up what it doesn't already own of Corporate Express, Staples Inc. has offered to buy any remaining shares of Corporate Express Australia Ltd. for $5.60 per share.
In addition to the purchase price, Staples has offered to pay shareholders a $0.125 per share dividend next month. Corporate Express Australia is also proposing to pay a $0.78 per share special dividend if shareholders agree to accept the Staples offer unconditionally.
Corporate Express Australia's board has recommended acceptance of the offer. At $5.60 per share, the offer is a 25 percent premium over Corporate Express Australia's Tuesday share price.
Staples acquired Netherlands-based Corporate Express in 2008 for $4.8 billion.
WBJ Web Partners
Most Recent
Most Recent
0 Comments