| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers C > Headlines for Corporate Express NV > News item |
Staples still accepting tenders for Corporate Express' 2% convertibles; any bonds not tendered will be called
By Angela McDaniels
Tacoma, Wash., July 9 - Staples, Inc. and Staples Acquisition BV have settled their tender offer for all of Corporate Express NV's 2% subordinated convertible bonds due 2010, according to a news release.
The tender offer for Corporate Express' ordinary shares, American Depositary Shares and depositary receipts for preference A shares has also settled.
Corporate Express shareholders and bondholders who have not yet accepted the offer may still tender their holdings until 11:30 a.m. ET on July 16. Holders will receive €1,347.71 per note.
Corporate Express plans to redeem any bonds that remain outstanding after July 16, the release stated. The company will pay par plus accrued interest.
On June 27, Staples announced that it received tenders for €146.51 million of the convertibles.
With the €6.73 million of convertibles that Staples owned before the offer, the company now has 99.1% of the total issued amount of securities.
On June 11, Corporate Express announced it approved Staples' latest offer to acquire the company for €9.25 per ordinary share, or €3.1 billion.
The acceptance period for tendering shares and bonds began on May 19 and ended on June 27. The companies expect to close the merger in July.
The companies anticipate that Corporate Express' ADSs will be delisted from the New York Stock Exchange on July 21 and its shares will be delisted from Euronext on Aug. 7.
Corporate Express terminated its merger agreement with Marly, France-based office supply company Lyreco SAS, valued at €1.7 billion, as part of its deal with Staples, a prior news release noted.
Staples is an office superstore based in Framingham, Mass.
Corporate Express is a business-to-business office supply company based in Amsterdam.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.