Read the story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Last hour:
Last 24 hours:

Staples makes third attempt to buy Office Depot owner ODP

% of readers think this story is Fact. Add your two cents.

Office supplies retailer Staples said it has made an offer to buy ODP Corp (NASDAQ:ODP), the owner of Office Depot, for US$2.1bn in cash after a previous bid in 2015 was blocked by US regulators.

Staples, which is owned by private equity firm Sycamore Partners, is offering US$40 per share for ODP, an 8.2% premium to the firm’s closing price last Friday, the last session before the offer was announced.

In an announcement confirming the approach on Monday, ODP said it is “carefully reviewing the proposal” to determine its course of action, although the company will be used to such approaches as this is the third such effort by Staples to acquire the retailer.

The last attempt, made in 2016, saw Staples offer to buy ODP for US$6.3bn, however, this was blocked by the US Federal Trade Commission (FTC) on the grounds that such a merger could reduce national competition for office supplies contracts.

The first attempt, made back in 1996, was similarly stymied by the FTC after a lawsuit argued the merger would increase prices.

ODP acknowledged its past difficulties in getting merger proposals past regulators, saying that as part of its review it will be evaluating components of the bid “including potential antitrust and other regulatory challenges”.

However, following the growth of ecommerce giants such as Inc (NASDAQ:AMZN), which has amassed its own base of corporate customers, US regulators may feel now is the right time to allow the merger in an effort to challenge the corporation’s market power.

Shares in ODP were trading at US$44 in the after-hours session on Monday.

Story by ProactiveInvestors


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Load more ...




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.