Staples To Buy Out Corp. Express Australia
The office products company offered to buy the 41.4% of Corporate Express Australia it didn't already own for almost 390 million Australia dollars ($358.7 million).
FRAMINGHAM, Mass. (
) -
Staples
(SPLS)
, the office products company, has offered to buy the 41.4% of
Corporate Express Australia
it didn't already own for almost 390 million Australia dollars ($358.7 million).
Staples offered to buy Corporate Express Australia for A$5.60, a premium of about 25% over the closing price Tuesday.
Staples said Wednesday the offer values Corporate Express Australia at A$1.0 billion on an equity value basis and A$1.1 billion on an enterprise value basis.
Staples bought
Corporate Express
, the parent of Corporate Express Australia, about two years ago for about $2.3 billion.
-- Reported by Joseph Woelfel in New York.
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