The Corporate Express takeover saga has finally ended after the Dutch contract stationer agreed to another improved offer from Staples.
Corporate Express’ executive and supervisory boards have unanimously recommended Staples cash offer of €9.25 per share, which values the company at €1.7 billion ($2.55 billion) before debt.
In a statement, Corporate Express said that it had reached agreement with Staples on a number of key strategic, integration and staffing issues.
Peter Ventress will become president of Staples International, overseeing Staples’ business outside North America. He will report directly to Staples CEO Ron Sargent.
The European contract business will have its headquarters in Amsterdam and Staples have confirmed that they will make no material reductions in the workforce.
An integration committee, comprising senior management from both Corporate Express and Staples, will oversee the integration process.
“We believe that this offer is a good one for our shareholders and we recommend it wholeheartedly”, said Peter Ventress.
This, of course, means an end to the proposed takeover by Corporate Express of Lyreco, and the transaction has now been terminated.
Corporate Express said that while it believed that there was clear strategic and financial rationale for the merger, “the boards decided to withdraw their recommendation for the Lyreco transaction and to recommend the latest improved and fair offer from Staples”.
The EGM of 18 June will still go ahead, but a vote on the Lyreco deal will not now take place.
Corporate Express said that it would release more detailed position statement on 12 June.
