Staples settles post-acceptance offer for Corporate Express shares, 2% convertibles

By Angela McDaniels

Tacoma, Wash., July 23 - Staples, Inc. said it settled the post-acceptance period of its offer for Corporate Express NV's outstanding ordinary shares, American Depositary Shares, depositary receipts for preference A shares and 2% subordinated convertible bonds due 2010.

The original offer began on May 19 and ended on June 27. The post-acceptance period began on July 3 and ended on July 16.

Under the original offer, Staples received tenders for 152,495,551 ordinary shares, including ordinary shares represented by American Depositary Shares; for 53,144,811 preference shares A; and for €146.51 million principal amount of the convertibles, according to a prior news release.

On July 9, Corporate Express said it planned to redeem any convertibles that remain outstanding after July 16 at par plus accrued interest.

Staples offered in February to acquire Corporate Express for €7.25 per ordinary share and increased the offer to €8.00 in May. Corporate Express rejected both offers.

On June 11, Corporate Express approved Staples' latest offer to acquire the company for €9.25 per ordinary share, or €3.1 billion. The price for each €1,000 principal amount of convertibles is €1,347.71.

Staples is an office superstore based in Framingham, Mass.

Corporate Express is a business-to-business office supply company based in Amsterdam.

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