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Staples and Essendant extend again

December 13, 2018

Staples, Inc. and Essendant Inc. have announced that affiliates of Staples have once again extended the expiration time of the previously announced tender offer for all outstanding shares of Essendant’s common stock.

The offer now runs until 6:00pm (New York City time) on December 18, 2018, unless extended further in accordance with the Agreement and Plan of Merger, dated as of September 14 by Essendant, Staples, and Staples’ affiliates, Egg Merger Sub Inc. and Egg Parent Inc.

This is the third extension of the tender offer, after last week’s announcement that it would be extended to December 11. Prior to that, the offer was previously scheduled to expire on December 4, having already been extended from November 19.

The depositary for the tender offer has indicated that, as of 6:00pm (NYC), on December 11, 2018, 20,419,749 shares of Essendant common stock have been validly tendered and not properly withdrawn pursuant to the tender offer (excluding 449,114 shares tendered pursuant to guaranteed delivery procedures), which represent, together with the 4,203,631 shares already owned by Egg Parent, Egg Merger Sub or any of their respective “affiliates”, approximately 65.4 percent of the outstanding shares.

Stockholders who have already tendered their shares into the tender offer do not have to re-tender their shares or take any other action as a result of the extension of the expiration time of the tender offer.

The tender offer will continue to be extended until all conditions are satisfied or waived, or until the tender offer is terminated, in either case pursuant to the terms of the Merger Agreement and as described in the Schedule TO.


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