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Persbericht Corporate Express - afwijzing bod Staples
13 mei 2008, 21:23 uur | FD.nl/Betten
Amsterdam (BETTEN FINANCIAL NEWS) - Hier volgt de tekst van een persbericht van Corporate Express.
CORPORATE EXPRESS DECLINES STAPLES’ ANNOUNCED OFFER PRICE
Amsterdam, the Netherlands, 13 May 2008 - Corporate Express NV, one of the world’s
leading suppliers of office products, announced today the outcome of its Supervisory and
Executive Boards’ considerations of Staples’ revised offer of euro 8.00 per ordinary share.
For several reasons the boards believe that the revised offer still significantly
undervalues Corporate Express and fails to reflect the company’s prospects.
The Company has written the following letter to Ron Sargent, Staples chairman and
CEO:
'Dear Ron,
Following our conversation on Friday 9 May, the Supervisory Board and the Executive
Board of Corporate Express N.V. met on Monday May 12 and Tuesday May 13 to
discuss among other things the offer Staples Inc. intends to make for the company,
including its intention to increase its offer price from euro 7.25 per ordinary share to EUR
8 per ordinary share.
As we have indicated to you, the Supervisory Board and the Executive Board cannot
support a potential offer of Staples at this price level. The intended offer of Staples at
EUR 8 per ordinary share, still significantly undervalues the business of Corporate
Express. At this price level the offer completely ignores the ongoing operating value of
the company. Furthermore, it ignores our strategic plan which provides a robust position
to outperform our markets. The positive results as published last week, already show
evidence of the successful execution of our strategy. Finally, the offer denies our
shareholders any share in the synergies that a combination with Staples would yield.
These synergies would be significant. At the price level currently indicated by Staples
consequently, all synergies would be for the benefit of the Staples shareholders and
none for the benefit of our shareholders.
We have endeavored to engage in discussions with you with respect to the apparent
disparity in our approaches to the valuation of Corporate Express. We can only conclude
that these endeavors have not been successful to date.
Under these circumstances, and after careful consideration, the Supervisory Board and
the Executive Board cannot, in performing their duties in the best interests of the
company and its shareholders and other stakeholders, recommend the intended offer of
Staples to our shareholders. However, we are happy to discuss our views and your views
in more detail, as stated at earlier occasions and in our press release of today.
Yours sincerely,
Frank Meysman Peter Ventress
Chairman Supervisory Board Chief Executive Officer'
(c) BETTEN FINANCIAL NEWS (tel: +31 20 710 1756; fax: +31 20 710 1875)