Staples gets financing for Corporate Express offer
Staples Inc., the world's largest office-products supplier, said today that it has received $3 billion in financing for its $3.67 billion offer for Corporate Express NV, though the Dutch office-supply wholesaler has rejected the offer.
Staples of Framingham said the financing, along with cash reserves and an existing revolving credit facility, are enough to finance the unsolicited buyout offer of 7.24 euros per share. Last month, Corporate Express said that offer was too low.
The $3 billion credit agreement was arranged by Lehman Brothers Inc., Bank of America, and HSBC Bank USA.
Staples shares rose 92 cents, or 4.2 percent, to $23.03 during afternoon trading on the Nasdaq Stock Market. The stock has traded between $30.05 and $48.49 during the past 52 weeks. (AP)