Rise and Fall

In: Business and Management

Submitted By yitingwang0107
Words 741
Pages 3
2015年2月10日

Staples to buy Office Depot for $6.3bn - FT.com

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Last updated: February 4, 2015 7:39 pm

Staples to buy Office Depot for $6.3bn
James Fontanella-Khan and Stephen Foley in New York
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Staples agreed to acquire Office Depot on Wednesday in a $6.3bn transaction that will create the largest office stationery company in the US, marking the latest victory for activist investor Starboard Value. The deal establishes Starboard and its founder Jeff Smith as one of the most prolific and successful activists, in a sector of the hedge fund industry that has traditionally been dominated by higher-profile names such as Carl Icahn and Bill Ackman.

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Office Depot shareholders will receive $7.25 in cash and 0.2188 Staples shares. The transaction values Office Depot at $11 a share, a 44 per cent premium on Monday’s closing price, before it emerged that the two were in advanced merger talks. However, the deal faces intense regulatory scrutiny according to lawyers and dealmakers who worked on similar transactions, as it comes just under two years after Office Depot merged with smaller rival OfficeMax.

FirstFT is our new essential daily email briefing of the best stories from across the web

A person familiar with the matter said that Staples might be forced to shed part of its commercial operation to get the deal approved. Staples introduced a $250m break-up fee if the deal does not go through, which is in line with similar deals.

The merger announcement comes the week after Yahoo decided to spin off its $40bn stake in Alibaba and the packaging companies…...

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