Staples increases takeover bid for Corporate Express

3rd June 2008, Comments 0 comments

The US company Staples has upped its initial offer of EUR 8 per share to EUR 9.15.

3 June 2008

AMSTERDAM - US office supply manufacturer Staples has increased its bid for its Dutch counterpart Corporate Express, the company announced on Tuesday.

The US company is now offering EUR 9.15 per share, an increase of EUR 1.15 per share.

The news comes two weeks before an extraordinary shareholders' meeting at Corporate Express, where the management is due to discuss the company's previous plans to takeover its French competitor Lyreco for EUR 1.73 billion.

The takeover of Lyreco - which came shortly after Corporate Express rejected a takeover bid by Staples of EUR 8 per share or EUR 2.8 billion in total, including debts - is to be completed by the end of this year.

If Corporate Express takes over Lyreco, the combined turnover of the new company would amount to some EUR 7.9 billion.

The new Corporate Express would then be the biggest player on the office supply market in North America, Europe and Asia.

In its new form, Corporate Express would receive 43 per cent of its turnover from Europe, 39 percent from North America and 11 percent from Asia.

[dpa / Expatica]

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