Staples, the American office supply chain giant, has announced that it has once again extended an offer to acquire ODP, the parent company of the office supply chain Office Depot.
The offer marks the third time the two companies have attempted to combine, with the two previous attempts being blocked by the U.S. Federal Trade Commission. However, the circumstances have changed significantly since the last two offers were extended.
Firstly, Staples is no longer a public company since it was taken private by Sycamore Partners in 2017. E-Commerce sites such Amazon have also caused the market share of brick and mortar based retailers to erode.
Staples offered $40 per share of ODP, indicating a $2.1 billion transaction price and a 10% premium to closing price on Friday.