|Staples to Complete Its Acquisition of Corporate Express Australia|
FRAMINGHAM, Mass., Jul 11, 2010 (BUSINESS WIRE) --
Staples, Inc. (Nasdaq: SPLS) today announced that its wholly owned subsidiary Staples Australia Pty. Limited ("Staples Australia") now has a relevant interest in more than 92 percent of the shares in Corporate Express Australia Limited ("Corporate Express Australia"). On July 9, Staples Australia declared its takeover offer for Corporate Express Australia ("Offer") unconditional.
The closing date for the Offer is July 26. Following this, Staples Australia will compulsorily acquire any remaining shares of Corporate Express Australia. Compulsory acquisition is expected to be completed approximately six weeks after the closing date.
"Staples and Corporate Express Australia combined will more effectively address the Australian market, an important part of our future growth internationally," said Ron Sargent, Staples chairman and CEO. "Together, we'll create greater value for our customers, associates and shareholders."
In March, Staples announced its offer to purchase all of the shares it did not already own in Corporate Express Australia. At the time, Staples held more than 58 percent of the company's issued share capital.
Staples, the world's largest office products company, is committed to making it easy for customers to buy a wide range of office products and services. Our broad selection of office supplies, electronics, technology and office furniture as well as business services, including computer repair and copying and printing, helps our customers run their offices efficiently. With 2009 sales of $24 billion and 91,000 associates worldwide, Staples operates in 26 countries throughout North and South America, Europe, Asia and Australia serving businesses of all sizes and consumers. Staples invented the office superstore concept in 1986 and today ranks second worldwide in e-commerce sales. The company is headquartered outside Boston. More information about Staples is available at www.staples.com/media.
SOURCE: Staples, Inc.