Office supplies group Corporate Express has rejected a €2.5bn takeover bid from US peer Staples saying it undervalued the company.
‘The offer does not reflect the company’s true value by far,’ Corporate Express said in a statement. ‘That is why this is not in the interests of shareholders and other stakeholders.’
Staples, which is offering €7.50 a share, says it will pay for Corporate Express in cash. The offer represents a premium of 67% on the Dutch firm’s share price on February 4, the day
before rumours of a pending takeover emerged.
Corporate Express has been under pressure from activist hedge funds following its poor performance in the US.
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