Staples considers options after Corporate Express says it will buy Lyreco

By Lisa Kerner

Charlotte, N.C., May 21 - Staples, Inc. said it is considering all options on news that its targeted acquisition, Corporate Express, NV, plans to buy Lyreco SAS for €1.7 billion.

Lyreco is a business-to-business office supply company based in Marly, France.

Staples Acquisition BV reiterated its view that its €8.00-per-share cash offer for Corporate Express "delivers certain, immediate and superior value" to Corporate Express shareholders, according to a Staples news release.

On May 13, Staples announced it was increasing its offer for Corporate Express to €8.00 per ordinary share from €7.25 and taking the offer directly to Corporate Express shareholders because the company refused to negotiate.

Staples Acquisition launched its tender offer on May 19.

The acceptance period for the tender offer ends June 27, the release said.

In February, Corporate Express denied rumors that it was in discussions with Staples about a take-over. A few weeks later, Staples made an unsolicited €2.5 billion bid to acquire the company, which Corporate Express rejected.

Staples is an office superstore based in Framingham, Mass.

Corporate Express is a business-to-business office supply company based in Amsterdam.

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