Staples to explore 'all alternatives' to buy Office Depot owner

(MARCH 31, 2021) - Office supplies retailer Staples said on Wednesday it would evaluate “all alternatives” to acquire ODP Corp, weeks after the Office Depot and OfficeMax owner turned down the bigger rival’s proposal to buy some of its assets.

ODP earlier this month rejected the offer, saying it lacked basic deal terms including a purchase price.

Staples, owned by buyout firm Sycamore Partners, said on Wednesday its options may include ODP’s retail and consumer facing business, its operations in Canada and certain other assets.

ODP in January had rejected Staples’ more than $2 billion bid and instead proposed merging only the companies’ consumer-focused retail operations to avoid regulatory scrutiny.

Staples has over the past two decades made repeated attempts to buy ODP, but they failed due to regulatory concerns. - (Reuters)