The final takeover of Corporate Express by US-based office supplies retailer, Staples, is expected to be completed by June 8, although the minimum requirements have not yet been met.
Under the terms of the acquisition, laid out in March this year, Staples was required to possess at least 90 per cent of Corporate Express shares. As at May 26, Staples had acquired 67 per cent of all shares, resulting in an extension of the offer made to shareholders to acquire further interest in the company.
Shareholders now have until July 7 to accept the offer. Assuming the 90 per cent share acquisition occurs by June 8, Corporate Express, has outlined a tentative timeline that would see the acquisition completed in full by July 7.
In an earlier release to the ASX, Staples strongly encouraged shareholders to accept the offer to ensure the minimum acceptance could be completed.
In May, Corporate Express reported a disappointing profit drop of 24.9 per cent for the first quarter of 2010.
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