Report: Staples Wins EU Okay for Corporate Express Takeover
Amsterdam Staples has won approval from the European Commission for its 1.7 billion euro ($2.6 billion) takeover bid for Dutch peer Corporate Express, according to a Reuters report.
Staples raised its all-cash offer to 9.25 euros per share from 9.15 euros last week, winning the backing of Corporate Express, which also ditched its own deal to buy a privately owned French competitor, Lyreco, the report said.
“The Commission’s decision not to oppose the transaction constitutes the final regulatory clearance requirement for the offer,” Staples said in a statement.
U.S. and Canadian regulatory authorities have already approved its Corporate Express bid.
For Staples, the deal expands its presence in the company-contracts business in Europe and North America, where it competes with Office Depot and OfficeMax as well as Corporate Express.
Staples’ tender offer runs to June 27. Last week, it said it owns 13.4% of Corporate Express while holders of about 23.3% of the Dutch company have committed to accept its offer.
The offer will be declared unconditional if it gets 51% of Corporate Express shares, the report said.
The shareholders meeting convened on Wednesday to discuss Staples’ offer.
Corporate Express rebuffed Staples’ opening offer and sought a merger with French rival Lyreco, the report said.
Meysman said Corporate Express accepted the revised Staples offer as it could not get majority support for the Lyreco deal, according to the report.
Study: Barnes & Noble top bookseller
NEW YORK According to the 2008 EquiTrend Brand Study by Harris Interactive, for the fifth year in a row, Barnes & Noble is the nation’s top bookselling brand.
Barnes & Noble is also number-one in overall quality among the nation’s bookstores measured. The study is based on individual responses from more than 20,000 U.S. consumers who were interviewed for this highly respected annual survey.
“The Barnes & Noble brand signifies the top bookselling experience to customers,” said Steve Riggio, ceo of Barnes & Noble. “People expect and receive premier quality and service from browsing and shopping Barnes & Noble stores, relaxing in our cafes, and attending our many community literary events.”
Fresh & Easy streamlines distribution
EL SEGUNDO, Calif. Fresh & Easy Neighborhood Market reported that it has, along with its suppliers, streamlined its distribution model to reduce direct store deliveries.
To eliminate extra and unnecessary delivery trips, Fresh & Easy has created a new way of stocking stores with these same products with fewer deliveries by asking the company’s suppliers to deliver directly to the company’s centralized distribution center.
“By keeping our distribution model simple Fresh & Easy is able to save fuel and offer honest, everyday low prices on all our products,” said ceo Tim Mason. “Reducing fuel consumption is also consistent with our commitment to be a good steward of the environment.”