Staples Inc. has
won approval from the European Commission for its $4.8 billion takeover offer for Dutch office supply company Corporate Express NV. Staples
raised its offer to €9.25 ($14.34) per share from €9.15 last week, finally winning the backing of Corporate Express, which then ditched its own deal to buy French privately owned competitor Lyreco SA.
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Corporate Express also held a general shareholders meeting Wednesday to discuss the acquisition, where the supervisory board recommended that shareholders accept the Staples' offer. The meeting was originally scheduled so shareholders could vote on the now withdrawn Lyreco deal, but instead of cancelling it, the itinerary was changed.
"It offers good value for our shareholders and will provide good opportunities to our staff and to our customers, and we recommend it," Frank Meysman, chairman of Corporate Express' supervisory board, said. "After receiving the first proposal we examined how we may explore options and alternative options. We decided to accelerate our relationship with Lyreco. Staples increased the offer, and we are no longer recommend acquiring Lyreco."
Corporate Express will expand Staples business-to-business retail in Europe. - Maria Woehr
