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Staples is at it again.
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On Monday, the Framingham, Mass.-based office-supply chain company said it intended to acquire its competitor, Office Depot, for $40 per share in cash, an 11% premium to Friday's closing price.
"Staples believes that its all-cash transaction is a compelling value proposition for ODP's stockholders that offers a high degree of certainty and is superior to the intrinsic, standalone value of ODP," USR Parent, the corporate name of Staples, wrote in a letter.
|ODP||THE ODP CORP||42.89||+5.93||+16.04%|
Shares of ODP, the parent company of Office Depot, were trading at $41 in early Monday trading. Staples is no longer a public company, having gone private in a $6.9 acquisition by private equity company Sycamore Partners in 2017.
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The proposed acquisition would be the third time Staples has tried to acquire Office Depot.
In 1997, the Federal Trade Commission rejected the planned tie-up between the two companies, citing anti-competitive behavior. A similar plan was put forth in 2015 and was rejected by the agency in 2016.
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