As it pursues a bigger chunk of the office supply market, Staples has reaffirmed its June 4 proposal to Office Depot parent The ODP Corp. to acquire its consumer business for a cash purchase price of $1 billion, with Staples saying it has made substantial progress responding to the United States government’s data requests and inquiries in connection with the purchase.
In November 2020, Staples filed with the U.S. Federal Trade Commission for the necessary governmental approvals required for it to acquire the Office Depot consumer business, the company stated. Staples added that it is confident that the parties can expeditiously obtain the necessary antitrust approvals for the proposed acquisition of ODP’s consumer business.
Staples already had abandoned its previously announced intent to commence a tender offer for all of the outstanding ODP shares, the company noted. However, it continues to evaluate all options in connection with its ODP investment, including, but not limited to, the sale of all or a portion of company common stock shares beneficially owned by affiliates of Staples.
Staples has been active with other initiatives lately besides the ODP moves. The company announced that it had added two of its Staples Connect format stores, one each in Los Angeles, CA and Auburn, ME. The stores offer an expanded assortment of tools for remote work, showcased in realistic environments, the company indicated. Presentations include office designs for remote work tools and airplane seats to test products such as laptop trays for working on the go. In addition, Staples Connect stores incorporate upgraded essential small businesses services, including printing, shipping and technology support.
For the holidays, Staples has announced a menu of seasonal savings on products and services designed to support hybrid workers and small businesses, through into the New Year. Consumers can find the deals on Staples stores, online at Staples.com and through Instacart. They continue beyond Black Friday this year to give customers more time to take advantage of the savings, Staples pointed out. The company plans to close stores for Thanksgiving Day and reopen most locations at 9 a.m. on Black Friday, it maintained.
