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Corporate Express accepts Staples offer
Summary from the United Kingdom, from articles in English
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Dutch office products supplier Corporate Express has agreed to a 3.1bn-euro ($4.8bn; $2.4bn) takeover bid from US counterpart Staples. (article 2)
Staples had to increase its bid four times to win the Dutch firm's backing, ultimately offering 9.25 euros for every Corporate Express share. (article 2)
Analysts said Corporate Express, primarily a wholesaler of office supplies, had little choice but to accept Staples' improved bid. (article 2)
The transaction is expected to close in July when Peter Ventress will become president of Staples International, a new position that will oversee Staples' businesses outside the US and Canada. (article 1)
The Dutch retailer had rejected Staples' initial offer of €7.25 a share, in February, saying that it was too low. (article 1)
Staples and Corporate Express are trying to recover from the impact of a slow US economy that has hurt American office-product sales. (article 1)
Corporate Express has no retail operations but runs a contract office-supply business in 20 countries, with total sales of €5.6billion in 2007. (article 1)
About half those sales came from the US and Canada, and about half the company's 18,000 employees are in the US. (article 1)
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Other summaries about this story:
Event tracking:
Story keywords
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Express, Staples, Corporate, Pony, € |
Source articles
- Staples agrees €3.1bn takeover of Corporate Express (business.timesonline.co.uk, 06/11/2008, 310 words)
- Staples to attach Dutch business (BBC News, 06/11/2008, 182 words)
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blaster@cs.columbia.edu
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