BOSTON — Corporate Express NV today invited Staples Inc. to talk about a deal, a reversal after the Netherlands-based office products supplier rebuffed two previous buyout offers from Staples, and reacted cautiously earlier this week to a third offer of $2.6 billion.
In agreeing to talk with Staples, Corporate Express signaled it could potentially scuttle an alternative proposal it reached May 21 to acquire French-based rival Lyreco SAS for $2.7 billion in cash and shares.
Corporate Express issued a brief news release saying it “has invited Staples to enter talks in order to receive further clarification and exchange information.” Spokesmen for Framingham, Mass.-based Staples did not immediately return phone calls seeking comment.
Corporate Express’ statement came two days after it said it would “carefully review” the latest Staples bid to acquire it for a per-share price of $14.21.
Two days after the second bid was rejected as too low, Corporate Express announced its proposed acquisition of privately held Lyreco, in a deal scheduled to come before a vote of Corporate Express shareholders on June 18. Corporate Express has said it would discuss the rival Staples offer at the meeting as well.
Staples’ offer hinges on Corporate Express shareholders rejecting the Lyreco deal.
Staples has taken its bid directly to Corporate Express shareholders after saying the management of the Amsterdam-based company had refused to negotiate. On Wednesday night, Staples said it had entered into agreements to buy an additional 12.3 percent of Corporate Express’ shares. That announcement came a day after Staples said other investors holding 23 percent of Corporate Express’ shares have already agreed to back its latest offer.
The U.S. headquarters of Corporate Express are in Broomfield, Colo.
Staples, the world’s largest office products retailer with more than 2,000 stores, hopes to head off the greater competition it would face if Corporate Express were to pair up with Lyreco.
Staples also wants to acquire Corporate Express to bolster its more profitable segments serving business customers — including big businesses that are Corporate Express’ mainstay in the U.S., Europe and Australia — and overseas clientele.
Staples shares rose 20 cents to $24.24 in midday trading.
They have traded in a 52-week range of $19.69 to $25.32.
