| Staples - Corporate Express Australia acquisition |
A$1bn |
|
|---|---|---|
| Staples has offered to acquire all of the issued shares in Corporate Express, that it does not already own, for an offer consideration of A$5.60 per share that values Corporate Express at approximately A$1bn. | ||
| Firm | Client | Role |
|
Baker & McKenzie |
Corporate Express Australia | Australian counsel |
|
Corrs Chambers Westgarth |
Staples | Australian counsel |
The world’s largest office products company, Staples, has submitted an offer to acquire full ownership of Corporate Express, Australia’s leading contract office supplier and a company in which Staples already holds 58% of the issued share capital.
“The offer provides the minority shareholders of Corporate Express Australia with a compelling opportunity to realise a significant premium to the current share price,” said Ron Sargent, Staples chairman and CEO. “This allows us to more effectively address the Australian market and create greater value for our customers and associates.”
The offer will be implemented by an off-market takeover and it has already been unanimously recommended by the independent directors of Corporate Express subject to a number of conditions, including confirmation that the offer is fair and reasonable and approval from the Foreign Investment Review Board.
“Corporate Express and Staples have had a close relationship since 2008 so this is the logical next step,” said Ben McLaughlin, partner at Baker & McKenzie. “We have been fortunate to act for Corporate Express since 1995, having completed over 60 acquisitions for them, and advising them on numerous capital transactions.”
This relationship proved to be useful as Corporate Express was able to take advantage of Baker & McKenzie’s knowledge of the company in this transaction, said Kathleen Forbes, Corporate Express’ company secretary and head of legal.
Related stories:
