Staples proposes to acquire consumer business of ODP for $1bn
American office retail company Staples has proposed to acquire the consumer business of ODP Corporation, a provider of business services, products, and digital workplace technology solutions, for $1 billion in an all-cash deal.
ODP’s consumer business comprises Office Depot and OfficeMax retail stores, its direct channel business, and intellectual property.
Staples, through its parent company USR Parent, has offered to acquire ODP’s consumer business for $18.27 per share.
ODP said that its board of directors is reviewing the proposal along with the help of the company’s financial and legal advisors for deciding the course of action.
Last month, ODP said that it will separate its businesses into two standalone publicly-listed companies – one for selling retail consumer and small business products and services, and the other for providing B2B solutions.