Staples Inc. on Tuesday made what it described as its final offer for Corporate Express NV, raising its bid for the office-supply distributor to $2.6 billion.
Staples said that because of Dutch bidding laws, this would be the last offer in its attempt to take over the Amsterdam, Netherlands-based company.
Corporate Express, which has its U.S. headquarters in Broomfield and employs about 1,800 people in Colorado, has so far held firm against Staples’ previous offers, going so far as to bid for a French office-supply firm in its effort to thwart Staples’ efforts.
Analysts said Tuesday’s offer changes things.
“I think this greatly increases the likelihood of this transaction occurring,” said Anthony Chukumba, a senior analyst at FTN Midwest Securities Corp.
Staples, the world’s largest retail office supplier, offered $14.21 per share to strengthen its presence in Europe, spokesman Owen Davis said.
“It’s certainly an offer we think makes sense for all stakeholders,” he said.
Corporate Express shares rose to $13.73 Tuesday on the New York Stock Exchange, a 3.5 percent gain. Staples shares rose to close at $23.39 in Nasdaq trading.
“At the end of the day, if you’re a Corporate Express shareholder, you should have your head examined if you leave ($14.21) on the table,” Chu kumba said.
Corporate Express issued a statement saying it would “carefully review” the offer.
Its shareholders will meet June 18 to vote on the proposed purchase of Lyreco SAS, the French office supplier. Staples’ bid is contingent on rejection of that offer, Davis said.
Alex McCarthy: 303-954-1381 or amccarthy@denverpost.com
