Staples stated on Friday it had provided to purchase Workplace Depot proprietor ODP Corp’s client enterprise for $1 billion, the most recent effort by the workplace provides retailer to amass its rival’s belongings.
Staples provided about $18.27 per share for the enterprise, which it stated represents a premium of about 43 % to the 30-day common closing value of ODP’s inventory as of June 2.
ODP stated it’s reviewing Staples’ proposal with the help of its monetary and authorized advisors.
Shares in ODP closed up 11.2 % at $49.56 on Friday, after hitting a close to four-year excessive of $50.14 in the course of the session.
Final month, ODP stated it will spin off its distribution platform, which colleges, workplaces and different companies use to purchase provides, right into a separate firm.
Staples is now proposing to purchase ODP’s unit that features the Workplace Depot and OfficeMax retail retailer companies.
By Aishwarya Venugopal and Mehr Bedi