AMSTERDAM, Netherlands — Office-supply distributor Corporate Express NV made a surprise move to thwart a hostile takeover by U.S.-based Staples Inc. on Wednesday, announcing plans to instead buy French rival Lyreco SAS for about $2.7 billion in cash and shares.
If approved by shareholders and regulators, the Corporate Express-Lyreco combination would create a sizable international competitor to Staples, one that is larger in business-to-business sales in the U.S., Europe and Asia.
The U.S. office of Corporate Express is in Broomfield.
Corporate Express’ board rejected a $2.47 billion takeover offer from Staples last week, saying it undervalued the company.
“Would we have done this deal if Staples hadn’t made their bid?” Corporate Express chief executive Peter Ventress asked during a conference call. “The answer is absolutely yes. This is the most compelling, the most logical merger in our industry.”
The Dutch company said Wednesday that its board and that of privately held Lyreco support the new deal.
Framingham, Mass.-based Staples had bid $11.37 per share for Corporate Express in February but raised that to $12.53 and pitched it directly to shareholders, complaining that the company’s management was not willing to negotiate.
Staples said Wednesday that its bid “delivers certain, immediate and superior value to Corporate Express shareholders . . . without the substantial execution and other risks inherent in Corporate Express’ long-term plans.”
