USR Parent (Staples) proposes to buy ODP for $40/share in cash

Jan. 11, 2021 8:53 AM ETThe ODP Corporation (ODP)By: Akanksha Bakshi, SA News Editor15 Comments
  • USR Parent proposes to acquire 100% of the issued and outstanding common stock of The ODP Corporation (NASDAQ:ODP) for $40.00 per share in cash.
  • This represents a 61% premium over ODP's average closing price during the immediately preceding 90 trading days.
  • USR Parent has sufficient resources to finance the transaction. With respect to regulatory approvals, they are prepared to take all necessary measures to divest ODP's B2B Business to a FTC approved and qualified buyer concurrently with the closing of the overall transaction.
  • USR Parent intends is to commence a public, all-cash tender offer for 100% of ODP's outstanding shares of common stock in March 2021 in the event they cannot reach a negotiated agreement with ODP.
  • ODP Shares +10.9% pre-market.
  • Update: ODP +18.6% confirms receipt of proposal from Staples.

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