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Corporate Express NV will acquire French rival Lyreco SAS for €1.73 billion ($2.71 billion) as it maneuvers to fend off a hostile bid from Staples Inc.
The combined company will create the top office products supplier focused
exclusively on the business-to-business market in North America,
Europe and Asia-Pacific with 2007 sales of €7.8 billion, the buyer said in a statement Wednesday.
The announcement comes two days after Staples went hostile with its offer for Corporate Express after sweetening its bid to €1.46 billion with an expiration date of June 27. Staples has aggressively pursued the Dutch company since February. Wednesday's deal has been approved by Lyreco's stakeholders. The company is 84%-owned by the Gaspard family. The deal goes before Corporate Express shareholders next month. - Maria Woehr For more on this deal: See The Deal's Corporate Express links with Lyreco See Dealscape's Staples takes Corporate Express offer to shareholders See Dealscape's How far will Staples go? Categories Deal Video
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