Staples makes offer for Corporate Express

Framingham-based office supply retailer Staples Inc. said today it has proposed to acquire all the outstanding shares of Corporate Express ordinary stock for about $3.67 billion.

Staples, which said that the acquisition would both improve its geographic reach and expand its range of products, said its offer translates to a per ordinary share consideration of EUR 7.25, representing a total enterprise value of approximately EUR 2.5 billion.

That works out roughly to $10.65 per share and a total value of about $3.67 billion.

The all cash proposal represents a premium of approximately 67 percent to Corporate Express' Feb. 4 closing share price, the last day before rumors of a potential sale circulated in the market, Staples said.

According to the Associated Press, Corporate Express is based in the Netherlands.

Staples' press release included a letter sent to Corporate Express's board from Ron Sargent, Staples chairman and chief executive.

Sargent's letter read in part: "Over the last several months, we have made repeated attempts to engage in discussions with you concerning a business combination, and we have been disappointed that you have not been willing to do so. We believe strongly that a combination between Staples and Corporate Express will offer significant and certain value to Corporate Express' shareholders and other stakeholders and will greatly enhance our ability to serve customers throughout the world."
(By Chris Reidy, Globe staff)