According to a press release USR Parent, Inc (Staples parent company) has offered to purchase ODP Corporation’s consumer business (Office Depot & OfficeMax retail stores) for $1 billion or $18.27 a share. Earlier in the year Bloomberg reported Staples made an offer to acquire ODP for $40 a stock (8.2% above closing price at the time). The difference in that deal was that Staples was planning to divest Office Depot’s commercial business unit, whereas this new deal is only for the consumer business unit.
This almost certainly wouldn’t be a good move for all of the Visa/Mastercard gift card deals both of these brands offer.
Congress: antitrust
Churners: antichurn
I, for one, welcome this merger of our corporate overlords.
It’s good to see Dunder Mifflin putting a dent in the Big Box office stores. Soon, David Wallace will be able to buy them out after he secures another contract with the DoD for his second invention: F*ck It.
Yay yay a-yayee yeah Dunder Mifflin is a part of Sabre (pronounced SOB-ray)
Let there be one.
And then Bezos can buy that one and eventually Walmart and Amazon can merge: Walzon or Amamart. Take your pick.
Later the government can just take over, instead of trying to regulate the Goliath. By then we’ll have delivery drones done right and they can just send everything to us automatically by drone, especially since personal cars are so 20th century.
In fact, they can decide for us what to send. No drinks larger than 16 ounces! We won’t have to think at all, just consume.
Mooooooooooooo.
I think you’re being generous with that 16oz.
Everyone write your reps in Congress to block this. I also recommend voicing your displeasure on Google reviews.
FYI, “USR Parent Inc” is actually dba Staples and not its true parent company. Sycamore set up USR Parent Inc (initially Arch Parent) for the sole purpose of acquiring Staples in 2017.
Well time to call the DOJ and let them know this would consolidate the office supply store GC market into a single player which would unfairly hurt the churning consumer
DOJ should first investigate how you were born & raised.
Everybody lobby the DOJ. Someone has to protect our interests.
Time to hit Staples hard on TW/FB/IG!
For starters, it really sucks and is getting worse; now wants to take away the only thing half decent.
Who can blame them? They want to get rid of their competition, by aggregating with them they can determine which locations they need to keep which ones they need to get rid of and in the long run it would probably make the money.
Even if they ever get this deal approved from a board perspective and from an office depot perspective US antitrust is going to be a hard sell. There are small chains but they’re really only two options.
Staples f off….