Staples to acquire Essendant For $996 million
| 19 September, 2018
Staples will acquire Essendant for $996 million including net debt.
The transaction follows the determination by Essendant's Board of Directors that the Staples proposal constituted a "Superior Proposal" as defined in Essendant's previously announced merger agreement to combine with Genuine Parts Company's S.P. Richards business.
Ric Phillips, President and Chief Executive Officer of Essendant added, "We believe combining with Staples provides a tremendous opportunity to enhance our resources and ability to serve customers, while delivering compelling and certain value to shareholders. I want to thank all our associates for their continued commitment and dedication as we have navigated this process over the past several months."