BOSTON — Staples Inc. brought its $2.47 billion hostile takeover bid for Corporate Express NV directly to the Netherlands- based office-products firm’s shareholders Monday, as Corporate Express’ management continued to call Staples’ offer too low.
Corporate Express’ U.S. headquarters is in Broomfield.
In announcing it was seeking to bypass Corporate Express’ management, Fram ingham, Mass.-based Staples did not raise its offering price from the 8 euros-a-share level that Corporate Express rejected last week.
Staples said it won permission from Dutch regulatory authorities to directly solicit Corporate Express’ shareholders with an offer to tender their shares in support of the deal — a clearance that Staples had said it expected when it raised its offering price May 13 from its original 7.25 euros-per-share bid.
“We are making this offer directly to the shareholders following Corporate Express’ unwillingness to allow us to perform due diligence and negotiate a transaction,” Ron Sargent, Staples’ chairman and chief executive, said in a news release.
Corporate Express responded with a statement saying Staples’ offer price “still significantly undervalues the company and fails to reflect the company’s prospects. The company will make a further announcement in due course.”
Staples’ offer must be accepted by holders owning at least 75 percent of stock. The acceptance period for tendering shares begins today and ends June 27.
