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Staples strengthens hostile bid for Corp. Express
posted 8:04 am Tue May 13, 2008 - BOSTON
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Corporate Express says it's willing to speak with Staples after the U.S. office supplies retailer strenthened its hostile bid.Staples Inc. boosted its offering price another 10 percent after its initial bid was rejected three months ago by Netherlands-based Corporate Express NV. Early Tuesday, Framingham, Mass.-based Staples increased its earlier bid of $10.63 per share, to $12.53.
Staples says its new offer for the office products distributor represents a 90 percent premium from Corporate Express' share price in early February, when rumors of a deal first circulated.
"We are willing to have discussions with Staples, and clearly this still applies also on the basis of today's announcement," Corporate Express CEO Peter Ventress said.
Corporate Express shares were 6 percent higher Tuesday at 8.10 euros ($12.52).
Staples says its new offer for the office products distributor represents a 90 percent premium from Corporate Express' share price in early February, when rumors of a deal first circulated.
"We are willing to have discussions with Staples, and clearly this still applies also on the basis of today's announcement," Corporate Express CEO Peter Ventress said.Corporate Express shares were 6 percent higher Tuesday at 8.10 euros ($12.52).
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