Dutch office supplies group Corporate Express has rejected a higher bid from US peer Staples, saying the synergy advantages would all be in Staples’ direction, the Financieele Dagblad reports.
Staples on Tuesday increased its offer by 9%, valuing Corporate Express at €2.5bn. Staples spokesman Paul Capelli claimed in the paper that a number of major shareholders have welcomed the revised offer.
Staples, which expects to make a formal bid within two weeks, says it will declare the takeover to have succeeded if 75% of the shares are tendered.
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