Staples Sold for $10.25 a Share

Staples to be acquired by Sycamore Partners for roughly $6.9B

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Staples and Sycamore Partners announced that they have entered into a merger agreement in which investment funds managed by Sycamore Partners will acquire the company in a transaction that values Staples at an equity value of approximately $6.9B.

Under the terms of the merger agreement, all Staples’ stockholders will receive $10.25 per share in cash for each share of common stock they own, which represents a premium of approximately 20% to the 10-day volume weighted average stock price for Staples shares for the period ended April 3, 2017, the last trading day prior to widespread media speculation about a potential transaction.

Staples’ Board of Directors has unanimously approved the merger agreement and recommends that all Staples stockholders vote in favor of the transaction.

The transaction is subject to customary closing conditions, including the receipt of regulatory and stockholder approval, and is expected to close no later than December, 2017. The closing is not subject to a financing condition.

See our earlier post regarding Staples.

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The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.

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