FRAMINGHAM (dpa-AFX) - Staples, Inc. and Essendant Inc. (ESND) announced a definitive agreement under which an affiliate of Staples will acquire all of the outstanding shares of Essendant common stock for $12.80 per share in cash, or a transaction value of $996 million including net debt. In connection with the termination of the agreement to combine with Genuine Parts Company's (GPC) S.P. Richards business, GPC is entitled to a $12 million break-up fee, which Staples is paying as part of its agreement with Essendant.
The transaction is conditioned upon, among other things, the number of Essendant shares included in the tender offer, together with the 11.15% of Essendant's outstanding common shares currently owned by Staples and its affiliates, representing more than 50% of Essendant's outstanding common shares, expiration of all applicable waiting periods under the HSR Antitrust Improvements Act of 1976, and other customary closing conditions.
Copyright RTT News/dpa-AFX
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