US office supplies retailer Staples has increased its offer for rival Dutch business Corporate Express by 14 per cent.
The US giant’s hostile offer now gives Corporate Express an enterprise value of €3 billion (£2.38 billion) and looks likely to win shareholder support over a proposal by Corporate Express to buy French business Lyreco for €1.7 billion (£1.35 billion).
Previously, Corporate Express had argued that its future would be best served by remaining independent, but it said it would “carefully review” Staples’ latest offer.
Staples has also reduced the acceptance level for its offer to 51 per cent of voting shares and has commitments from 23.3 per cent of shareholders to back its bid.
A deal would strengthen Staples’ business-to-business operations in the US, which account for half of Corporate Express’s sales, and give it greater scale in Europe.
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