Staples offers to buy Office Depot owner's consumer business for $1B
Consumer business that includes the Office Depot, OfficeMax retail stores businesses
Staples said on Friday it had offered to buy Office Depot owner ODP Corp's consumer business for $1 billion, the latest effort by the office supplies retailer to acquire its rival's assets.
Staples offered about $18.27 per share for the business, which it said represents a premium of about 43% to the 30-day average closing price of ODP's share as of June 2.
Last month, ODP said it would spin off its distribution platform that schools, offices and other businesses use to buy supplies into a separate company.
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Staples is now proposing to buy ODP's consumer business that includes the Office Depot and OfficeMax retail stores businesses, which it believes is the remaining business in ODP's planned spin off.
ODP did not immediately respond to a Reuters request for comment. Its shares were up about 3% at $45.90.
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(Reporting by Aishwarya Venugopal and Mehr Bedi in Bengaluru; Editing by Aditya Soni)