|Staples Announces Secondary Offering Priced at $32 Per Share|
WESTBOROUGH, Mass.--(BUSINESS WIRE)--July 22, 1998--Staples, Inc. (NASDAQ:SPLS) today announced that the secondary public offering of 13,955,000 shares of its common stock was priced at $32 per share.
Of the shares offered, approximately 12.9 million shares were offered by members of the Miller family, former owners of Quill Corporation which was acquired by Staples in May 1998, and approximately 1.0 million shares were offered by officers and directors of Staples.
The Company did not sell any shares in the offering.
An additional 2,084,700 shares are subject to a 30-day option granted to the underwriters to enable them to cover over allotments in the offering.
Members of the Miller family will continue to own approximately 12,994,258 Staples shares, which is about 4.6% of the Company's common stock outstanding assuming the over allotment option described above is not exercised.
Morgan Stanley Dean Witter is the lead manager for the offering; Goldman, Sachs & Co. and Salomon Smith Barney are co-managers.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
A prospectus relating to the offering may be obtained from Morgan Stanley Dean Witter, Prospectus Department, 1585 Broadway, New York, NY 10036, or by faxing a request to (212)761-0211.
Staples, Inc. is a $5 billion retailer of office supplies, furniture and technology to businesses from home-based businesses to Fortune 50 companies in the United States, Canada, the United Kingdom and Germany. The Company has more than 30,000 employees serving the business customer through 806 office superstores, mail order catalogs and a contract business.
Staples, Inc. Media Contact: Elizabeth Heller Allen VP, Corporate Communications (508) 370-8612 or Investor Contact: Samuel J. Levenson, CPA VP, Investor Relations (508) 370-7963 email@example.com