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Technology

Staples offers $2.1bn cash to buy Office Depot parent

  • The US Federal Trade Commission blocked Staple's $6.3 billion offer in 2016, saying a merger between the two could reduce competition for nationwide contracts for office supplies.
  • Staples said it is prepared to take "all necessary measures" to divest ODP's B2B Business to a FTC approved and qualified buyer.
11 Jan, 2021

Office supplies retailer Staples on Monday said it made an offer to buy Office Depot owner ODP Corp for $2.1 billion in cash, nearly five years after its second takeover effort was rejected.

The US Federal Trade Commission blocked Staple's $6.3 billion offer in 2016, saying a merger between the two could reduce competition for nationwide contracts for office supplies.

The two companies agreed to merge in 1996, but the deal was put to rest as a government lawsuit argued the move would have meant higher prices for pens, paper and other office supplies. Staples was a public company when it attempted the acquisition. It went private in 2017.

Staples said it is prepared to take "all necessary measures" to divest ODP's B2B Business to a FTC approved and qualified buyer.

USR Parent Inc, or Staples, said it would offer $40 per for each ODP share, a premium of 8.2% to Friday's close.

ODP's shares rose about 11% to $41 before the opening bell.

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