Staples offers higher bid for Corporate Express NV

Staples, Inc. (NASDAQ: SPLS), the world's largest office supply retail store chain, announced Tuesday its decision to increase bid for Corporate Express NV (Euronext: CXP, NYSE: CXP), the Dutch company that supplies office products to businesses and institutions.

Photo: Staples offers higher bid for Corporate Express NV

Staples offers higher bid for Corporate Express NV

The new offer is 1.46 billion euro ($2.27 billion), or 8 euros ($12.53) per share, compared to the previous bid of 7.25 euros ($10.63) per share in February.

Staples expects to get outstanding shares, a minimum acceptance condition of 75 percent of the ordinary share capital included.

United States-based office supplies retailer Staples Inc. launched an unsolicited acquisition bid for the company on 19 February 2008. The Corporate Express board rejected the offer, saying that the price undervalued the company.