Business News
Staples Increases Offer Price per Corporate Express Preference Share A to EUR 3.60
Thursday 26. June 2008 - Staples, Inc. (Nasdaq: SPLS) and its wholly owned subsidiary, Staples Acquisition B.V., are pleased to announce the increase to EUR 3.60 of the all cash offer price per share for all the issued and outstanding depositary receipts of Preference Shares A in the share capital of Corporate Express N.V. with a nominal value of EUR 1.20 each ("Preference Shares A") under the offer made by Staples Acquisition B.V. on May 19, 2008 for certain securities issued by Corporate Express N.V. (the "Offer").
The Offer is further described in the Offer Memorandum of May 19, 2008 and is subject to the amendments in the press announcements of June 3, 2008 and June 11, 2008.
The increased all cash offer per Preference Share A of EUR 3.60 for the Preference Shares A compares favorably to the intrinsic value of the preference shares plus accrued but unpaid dividends for 2008. The EUR 3.60 offer price represents a premium of approximately 18 percent to the one-month average closing price of approximately EUR 3.05 per Preference Share A on Euronext Amsterdam for the period ended June 24, 2008.
ING, Fortis Verzekeringen Nederland and Kempen Capital Management, which collectively own 46,000,297 Preference Shares A, representing approximately 86.3 percent of the issued preference share A capital of Corporate Express, have irrevocably committed to tender their Preference Shares A into Staples’ Offer under the conditions described in the Offer Memorandum, as amended.
Staples anticipates that the price increase will also be attractive to the remaining holders of the Preference Shares A and encourages all holders of Corporate Express’ ordinary shares and Preference Shares A and all holders of the Corporate Express two percent subordinated convertible bonds to tender their securities into the Offer, which expires Friday, June 27, 2008 at 17.30 CET, unless extended.
Staples confirms that the funds available under the credit agreement described in section 6.4 of the Offer Memorandum, together with Staples’ cash reserves and the funds available under its existing revolving credit facility, remain sufficient to fund the consideration due upon settlement of the Offer.