Staples reaffirms its proposal to acquire the ODP Corporation’s Consumer Business
November 8, 2021
USR Parent, Inc. (Staples) reaffirmed its 4 June 2021 proposal to The ODP Corporation (together with its subsidiaries, the “Company”) to acquire the company’s consumer business.
The offer is to buy the Company for a cash purchase price of $1.0 billion (€864 million). This proposal was formally delivered to the Company on 4 June 2021 and remains unchanged.
In November 2020, Staples filed the necessary governmental approvals with the Federal Trade Commission to acquire the Company and has made substantial progress responding to the government’s data requests and inquiries in connection therewith.
With the Company’s full cooperation, Staples said it is confident that the parties will be able to expeditiously obtain the necessary antitrust approvals for the proposed acquisition of the Company’s consumer business.
While Staples has decided to abandon its previously announced intent to commence a tender offer for all of the outstanding shares of the Company, Staples said it continues to evaluate all options in connection with its investment in the Company, including, but not limited to, the sale of all or a portion of the shares of Company common stock beneficially owned by affiliates of Staples, and reserves all rights in connection therewith.
Categories : City News
Tags : Acquisition Consumer Business Offer Staples
