Corporate Express agrees to take over

Dutch office supplies group Corporate Express has agreed to be taken over by US peer Staples, news agency ANP reports on Wednesday.

The takeover creates the world’s biggest office supplies group, with annual sales of some €18bn and more than 94,000 employees.
The US firm is bidding €9.25 per share, valuing the Dutch company at €3.1bn, including debts.
Corporate Express had rejected two earlier bids as too low. ‘The current offer is good for our shareholders and we warmly recommend it,’ Corporate Express CEO Peter Ventress is quoted as saying.
Last month, Corporate Express announced its own plans to take over French peer Lycos for €1.73bn, in an effort to head off the US offer. That deal has now been binned, ANP said.

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