UPDATE:
Staples Makes $3.66 Billion Bid For Corporate Express
February 19, 2008: 09:13 AM EST
Staples Inc. (SPLS) offered to buy Amsterdam-based office-products supplier Corporate Express NV (CXP) in a deal Staples valued at EUR2.5 billion ($3.66 billion).
The offer values each share of Corporate Express at EUR7.25, a 34% premium to Monday's closing price on the Netherlands Stock Exchange.
In a statement accompanying the letter to Corporate Express Chief Executive Peter Ventress, Staples Chairman and Chief Executive Ron Sargent said a merger " will create significant opportunities for all stakeholders."
Corporate Express has been the subject of much recent takeover speculation. Ventress took the helm on Oct. 1 and said the company would continue as a standalone entity rather than looking for a merger partner or selling off units.
On Feb. 5, its shares jumped 46% following a Dutch report that the company was subject to a takeover bid, but the shares fell back when the company issued a denial. The company's shares had suffered from a year-long decline.
Corporate Express has been under pressure for a while due to disappointing results, especially in the U.S., where it generates about 50% of its sales. But two weeks ago, the company said sales declines in the U.S. had reversed.
Staples' shares closed Friday at $22.04 and dipped to $22 in pre-market trading. Corporate Express's American depositary shares closed Friday in New York at $8.09 and had no pre-market trading.
Source : CNNMoney.com http://money.cnn.com/news/newsfeeds/articles/djf500/200802190913DOWJONESDJONLINE000389_FORTUNE5.htm
February 19, 2008: 09:13 AM EST
Staples Inc. (SPLS) offered to buy Amsterdam-based office-products supplier Corporate Express NV (CXP) in a deal Staples valued at EUR2.5 billion ($3.66 billion).
The offer values each share of Corporate Express at EUR7.25, a 34% premium to Monday's closing price on the Netherlands Stock Exchange.
In a statement accompanying the letter to Corporate Express Chief Executive Peter Ventress, Staples Chairman and Chief Executive Ron Sargent said a merger " will create significant opportunities for all stakeholders."
Corporate Express has been the subject of much recent takeover speculation. Ventress took the helm on Oct. 1 and said the company would continue as a standalone entity rather than looking for a merger partner or selling off units.
On Feb. 5, its shares jumped 46% following a Dutch report that the company was subject to a takeover bid, but the shares fell back when the company issued a denial. The company's shares had suffered from a year-long decline.
Corporate Express has been under pressure for a while due to disappointing results, especially in the U.S., where it generates about 50% of its sales. But two weeks ago, the company said sales declines in the U.S. had reversed.
Staples' shares closed Friday at $22.04 and dipped to $22 in pre-market trading. Corporate Express's American depositary shares closed Friday in New York at $8.09 and had no pre-market trading.
Source : CNNMoney.com http://money.cnn.com/news/newsfeeds/articles/djf500/200802190913DOWJONESDJONLINE000389_FORTUNE5.htm
Corporate Express: Unavailable To Comment On Staples Bid
February 19, 2008: 09:40 AM EST
AMSTERDAM -(Dow Jones)- Dutch office supplier Corporate Express NV (CXP.AE) is unavailable to comment Tuesday on a bid approach made by U.S. peer Staples Inc. (SPLS)
Shares of Corporate Express rose 33% immediately after Staples issued a press release saying it had offered to buy the Dutch office supply company for EUR7.25 a share, representing a total enterprise value of roughly EUR2.5 billion.
At 1422 GMT, Corporate Express shares traded up 39.2% at EUR7.56 in a broader higher market.
-By Stefan Simons, Dow Jones Newswires; 31 20 6260770; stefan.simons@ dowjones.com
Source : CNNMoney.com
http://money.cnn.com/news/newsfeeds/articles/djf500/200802190940DOWJONESDJONLINE000414_FORTUNE5.htm
February 19, 2008: 09:40 AM EST
AMSTERDAM -(Dow Jones)- Dutch office supplier Corporate Express NV (CXP.AE) is unavailable to comment Tuesday on a bid approach made by U.S. peer Staples Inc. (SPLS)
Shares of Corporate Express rose 33% immediately after Staples issued a press release saying it had offered to buy the Dutch office supply company for EUR7.25 a share, representing a total enterprise value of roughly EUR2.5 billion.
At 1422 GMT, Corporate Express shares traded up 39.2% at EUR7.56 in a broader higher market.
-By Stefan Simons, Dow Jones Newswires; 31 20 6260770; stefan.simons@ dowjones.com
Source : CNNMoney.com
http://money.cnn.com/news/newsfeeds/articles/djf500/200802190940DOWJONESDJONLINE000414_FORTUNE5.htm
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