Corporate Express de-lists from ASX

Corporate Express will officially cease trading on the Australian Stock Exchange since the takeover by US office supplies chain Staples.

In March, Corporate Express shareholders were recommended to accept the takeover bid, which offered $5.60 per share for all shares that Corporate Express didn’t own.

The move valued Corporate Express at about $1 billion on an equity basis.

In May [[artnid:345579| it reported a 24.9 per cent drop in net profit from $11.27 million to $8.46m.

Pre-tax profit also fell by 15.2 per cent to $15.86m and revenue also took a 2.7 per cent tumble from $293.8 million to $285.9m.

The company also reshuffled its board members, which saw Ian Pollard, Tony Larkin, John Randall and Chris Gillies step down from their roles on the board of directors.

Register now for the ARN Security Forum 2013 on June 4 at the Sydney Mint

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