Looking to scoop up what it doesn’t already own of Corporate Express, Staples Inc. has offered to buy any remaining shares of Corporate Express Australia Ltd. for $5.60 per share.
In addition to the purchase price, Staples has offered to pay shareholders a $0.125 per share dividend next month. Corporate Express Australia is also proposing to pay a $0.78 per share special dividend if shareholders agree to accept the Staples offer unconditionally.
Corporate Express Australia’s board has recommended acceptance of the offer. At $5.60 per share, the offer is a 25 percent premium over Corporate Express Australia’s Tuesday share price.
Staples acquired Netherlands-based Corporate Express in 2008 for $4.8 billion.
