Framingham, Mass. Staples said that it offered approximately $358.7 million to buy the 41.4% of Corporate Express Australia it didn't already own.
At $5.60 per share, Staples is offering a 22% premium to the company's Tuesday closing stock price of $4.60.
The chain, which currently holds 58.6% of Corporate Express Australia's issued share capital, reiterated late Tuesday that stockholders will also get a dividend of 12.5 cents per share. The dividend, which is likely to be paid on April 14, would bring the deal's total value to approximately $5.73 per share.
Staples acquired Dutch office-supply company Corporate Express NV during the summer of 2008.