Staples to complete buyout of Corporate Express Australia
FRAMINGHAM, Mass. Staples announced that its wholly-owned subsidiary Staples Australia Pty. Limited now has a relevant interest in more than 92% of the shares in Corporate Express Australia Limited. On July 9, Staples Australia declared its takeover offer for Corporate Express Australia unconditional.
The closing date for the Offer is July 26. Following this, Staples Australia will compulsorily acquire any remaining shares of Corporate Express Australia. Compulsory acquisition is expected to be completed approximately six weeks after the closing date.
“Staples and Corporate Express Australia combined will more effectively address the Australian market, an important part of our future growth internationally,” said Ron Sargent, Staples chairman and CEO. “Together, we’ll create greater value for our customers, associates and shareholders.”
In March, Staples announced its offer to purchase all of the shares it did not already own in Corporate Express Australia. At the time, Staples held more than 58% of the company’s issued share capital.