According to a press release USR Parent, Inc (Staples parent company) has offered to purchase ODP Corporation’s consumer business (Office Depot & OfficeMax retail stores) for $1 billion or $18.27 a share. Earlier in the year Bloomberg reported Staples made an offer to acquire ODP for $40 a stock (8.2% above closing price at the time). The difference in that deal was that Staples was planning to divest Office Depot’s commercial business unit, whereas this new deal is only for the consumer business unit.
This almost certainly wouldn’t be a good move for all of the Visa/Mastercard gift card deals both of these brands offer.
