Staples To Acquire Essendant

An announcement was made first thing Friday morning that Staples, Inc. and Essendant Inc., with a location in the Greenville industrial park, have entered into a definitive agreement under which an affiliate of Staples, the world’s largest office solutions provider, will acquire all of the outstanding shares of Essendant common stock for $12.80 per share in cash, or a transaction value of $996 million including net debt.

According to Essendant, the $12.80 per share purchase price reflects a 51% premium to Essendant’s share price on April 11, 2018, the day before the company announced plans to merge with Genuine Parts Company.

The transaction will be implemented through a cash tender offer at $12.80 per share, is not subject to a financing condition and is expected to close in the fourth quarter.

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