Corporate Express Accepts $2.7B Staples Offer

June 11, 2008 8:31:31 AM PDT
Dutch office supplies distributor Corporate Express has accepted a sweetened buyout offer from Staples of the U.S. The winning bid is worth about 2.7 billion dollars. Staples was aggressive in pursuing the deal to broaden its reach in Europe, raising its offer four times.

Including debt assumption, Staples says the deal is worth about 4.8 billion dollars.

Staples is the world's largest seller of office supplies on the basis of its strength as a retailer in the U.S. market. Corporate Express is the largest distributor, selling only to companies.

Staples shares were up 4 percent in morning trading.