Staples makes bid for ODP’s consumer business
June 7, 2021
USR Parent, Inc. (Staples) announced it had sent a letter to the Board of Directors of The ODP Corporation outlining a $1.0 billion (€820 million) or $18.27 (€15.39) per share proposal to acquire The ODP Corporation’s consumer business.
The proposal includes the Office Depot and OfficeMax retail stores business, the Company’s direct channel business (officedepot.com), and the Office Depot and OfficeMax intellectual property, including all brand names.
Staples said in its letter: “We believe our proposal represents a compelling opportunity for the Company and its shareholders. We look forward to working with the Company to negotiate and sign the necessary definitive agreements for the proposed transaction, and to proceed to closing the transaction as soon as practicable.”
The ODP Corporation confirmed that its Board of Directors has received a proposal from USR Parent, Inc., the parent company of Staples and a portfolio company of Sycamore Partners, to acquire the Company’s consumer business for $1 billion (€820 million) in cash.
ODP’s Board of Directors said it is carefully reviewing Staples’ proposal with the assistance of its financial and legal advisors to determine the course of action that it believes is in the best interests of the Company and its shareholders. No action is required by the Company’s shareholders at this time.
Last month, the Company announced a plan to separate into two independent, publicly-traded companies, each with a unique and highly focused strategy and investment profile.
Simpson Thacher & Bartlett LLP and Goldman Sachs & Co. LLC are acting as legal and financial advisor to the Company, respectively.
Categories : City News