Stationery retailer Staples has decided to buy Essendant, a company based in Deerfield.
The companies agreed to merge in the middle of September. According to Staples, a partner started bidding for the rest of Essendant's shares at the end of September. Staples plans to buy the company at $12.80 for each share, making a $996m deal including any debt.
Staples added that in order for it to be happy with the deal, the purchase agreement says a certain number of shares must be tendered. The exchange of tender between Essendant and Staples expires on October 23, and the merger should finish in the last quarter.
A Staples representative expressed the company's excitement for the merge, saying both teams will work together to serve customers and resellers.
S.P. Richards also showed interest in buying Essendant, which is over a century old. Charles Crovitz, Essendant chairman, said he appreciated the opportunity with S.P. Richards but believed that Staples has more value and a quicker return. Executives can use Corporate Gifts to ease the merger between the companies in situations like this.
It is hoped that Essendant, which was formerly known as United Stationers, will add great value to Staples. Essendant provides office items and other essentials for the workplace such as paper products, break room and cleaning items, and various industrial supplies.
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