The Recycler
  • G&G Masthead August 2024
  • Biuromax Masthead web banner March 2024
  • Katun Masthead Nov 2024
  • Ambiente 2025 Masthead

Staples eyes up Essendant Inc.

August 22, 2018

Having missed out on the acquisition of Office Depot, Staples has now set its sights on the purchase of Illinois office supplier Essendant.

According to the Boston Globe, the Director of Staples, Stefan Kaluzny, has this week “increased the pressure” on Essendant, and its CEO Richard Phillips, to strike a deal; Essendant already has another offer on the table, of a merger with S.P. Richards, a deal which was approved by Essendant’s shareholders in a vote last October.

Kaluzny claimed that a recent rise in Essendant’s stock price, up to nearly $15 (€12.93) a share from under $10 (€8.62) in April, is as a result of Staples’ investment in the company. In response to these claims, Essendant publicly sang the praises of the S.P. Richard merger, and reiterated that the vote by shareholders was still in effect. It did, however, acknowledge Staples’ willingness to begin confidential talks, but stipulated that as of yet, the office supply titan hadn’t presented a full and former offer to Essendant’s board.

Staples’ desire for expansion is the first major move since its proposed takeover of Office Depot was halted on antitrust grounds in 2016; the fallout from that decision saw Staples itself acquired, by Kaluzny’s private equity firm, Sycamore Partners, in a move which saw Sandy Douglas replace Ron Sargent as CEO.

The Boston Globe opines Essendant “represents a smaller prize than Office Depot,” on account of its annual revenue of $5 billion (€4.31 billion), and its workforce of 6,400 employees, yet says it would “still be a substantial one.”

“Staples’ pursuit show that the country’s largest office supplier is still hungry to get bigger,” it reports, asserting that the company is “on the hunt again.”

Categories : Around the Industry

Tags : Acquisitions Essendant Office Depot Staples Suppliers

  • GM Technology Nov Web Ad
  • Ink Tank No Web advert
  • G&G web advert October 2024
  • Biuromax web banner July 2024
  • IR Italiana Web ad January 2021
  • TN Core Nov Web advert
  • Cartridge Web Nov Web Banner
  • Static Control June 2022 Big & Bold Ad
  • Apex Web ad Nov 2024
  • denner UK Web Banner Jul 2024
  • Mito Web banner June 2024
  • Zhono Web ad March 2024
  • PCL Nov Web advert
  • ITP Web ad January 2021
  • HYB Web banner Jan 2024
  • Denner Feb 2024 Web Ad
  • CET Web ad December 2023
  • Mito Web banner June 2024
  • Denner Feb 2024 Web Ad
  • ITP Web ad January 2021
  • CET Web ad December 2023
  • HYB Web banner Jan 2024
  • denner UK Web Banner Jul 2024
  • Zhono Web ad March 2024
  • PCL Nov Web advert
  • ITP Web ad January 2021
  • Zhono Web ad March 2024
  • CET Web ad December 2023
  • denner UK Web Banner Jul 2024
  • Denner Feb 2024 Web Ad
  • Mito Web banner June 2024
  • PCL Nov Web advert
  • HYB Web banner Jan 2024

The Recycler, Wittas House, Two Rivers, Station Lane, Witney, OX28 4BH, United Kingdom | Tel: +44 (0) 1993 899800 | Fax : +44 (0) 1993 226899
©2006-2023 The Recycler - Terms & Conditions - Privacy Policy including cookie use

Web design Dorset | Websites by Mark