Staples is now offering Corporate Express shareholders EUR 8.00 per share in its continued bid to take over the Dutch company. The new offer follows a proposal first announced on 19 February to acquire Corporate Express for EUR 7.25 per share. The share price stood at EUR 4.32 on February 4, 2008, the day before rumours of a potential offer for Corporate Express circulated.

 

Ron Sargent, Chairman and Chief Executive Officer of Staples, said: "Given the unwillingness of Corporate Express to negotiate a transaction, we will make our offer directly to shareholders. Today we announced a highly attractive offer for Corporate Express at a compelling valuation. We are offering certain cash value versus the considerable uncertainties of management's long range guidance."

 

Since Staples' original offer on February 19, 2008, it has obtained antitrust clearance in the United States, met with Dutch trade unions and submitted to the Netherlands Authority for the Financial Markets  a request for approval for a draft offer memorandum.