US-based office supplies retailer, Staples, has reached 92 per cent of Corporate Express shares and has placed an unconditional takeover offer.
In March Corporate Express (ASX: CXP) shareholders were recommended to accept a takeover bid by Staples. At the time, the retailer offered $5.60 per share for all the shares it did not currently own. It maintained 58 per cent of the reseller's share capital.
In order to meet the conditions set out in the acquisition terms, Staples had to acquire more than 90 per cent of Corporate Express shares. It is already a major shareholder of Corporate Express globally.
Now that it maintains 92 per cent, the unconditional takeover offer closes on July 26. Staples will next issue notices on its intentions to compulsorily acquire any outstanding shares, the reseller said in a statement to the ASX.
The move by Staples values Corporate Express at about $1 billion on an equity basis.
Corporate Express chairman, Ian Pollard, said independent directors were pleased with the offer and it represented good value for shareholders.
Shareholders that have already accepted the takeover offer should receive payment for their shares either on or before July 16.
In May, Corporate Express reported a disappointing profit drop of 24.9 per cent for the first quarter of 2010.