|Staples Announces 14 Million Share Secondary Offering|
WESTBOROUGH, Mass.--(BUSINESS WIRE)--July 9, l998--Staples, Inc. (NASDAQ:SPLS) today announced it has filed a registration statement with the Securities and Exchange Commission for a proposed secondary offering of 13,898,000 shares of its common stock.
Of the shares to be sold, approximately 12.9 million shares will be sold by members of the Miller family, former owners of Quill Corporation which was acquired by Staples in May l998, and approximately 1.0 million shares will be sold by officers and directors of Staples.
The Company will not be selling shares in the offering.
The registration statement also covers an additional 2,084,700 shares that will be subject to an option to be granted to the underwriters to enable them to cover over allotments in the offering, if any.
Upon completion of the offering, members of the Miller family will own approximately 12,994,258 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.
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 30,000 employees serving the business customer through 797 office superstores, mail order catalogs and a contract business.
The offering may be made only by a prospectus meeting the requirements of Section 10 of the Securities Act of l933, which may be obtained from the managers referred to above. A registration statement relating to the securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Staples, Inc. Media Contact: Elizabeth Heller Allen, (508) 370-8612 OR Investor Contact: Samuel J. Levenson, CPA, (508) 370-7963 firstname.lastname@example.org