American office supplies group Staples has increased its offer for Dutch peer Corporate Express from €7.25 a share to €8.
Corporate Express repeatedly refused to discuss the earlier offer, saying it undervalued the company considerably.
The Dutch firm was not immediately available for comment on the revised bid.
‘Given the unwillingness of Corporate Express to negotiate a transaction, we will make our offer directly to shareholders,’ Staples CEO Ron Sargent said in a statement.
‘We are offering certain cash values versus the considerable uncertainties of management’s long range guidance,’ he said.
Staples says it has already met trade unions and has put in a formal request for approval with the Dutch financial markets watchdog AFM. Once the AFM has given the green light, it will launch a formal offer.
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