Retailers, consumers and prices
Check Out Line: Staples offers more for Corporate Express
The U.S. office supplies retailer offered to buy the Dutch company for $2.65 billion – up from its previous unsolicited offer of about $2.34 billion — even as Corporate Express is trying to fight off the takeover bid with a bid of its own.
The Dutch company said in May that it would buy French rival Lyreco for about $2.2 billion, creating the largest business-to-business distributor of office supplies in Europe, North America and Asia Pacific.
On Tuesday, Staples raised its offer, contingent on Corporate Express shareholders rejecting the Lyreco bid. Corporate Express said it would carefully review Staples’ offer and respond in due course.
Analysts think the U.S. retailer’s bid might bear fruit this time around, although Corporate Express could still try to delay it.
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