S&P Equity Research Reiterates 'Buy' Rating on Staples (SPLS)
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S&P Equity Research reiterates a 'Buy' rating on Staples (Nasdaq: SPLS).
S&P analyst, M. Souers, says, "SPLS has increased its hostile bid to acquire Dutch office goods supplier Corporate Express (NYSE: CXP) to EUR 8.00 ($12.43) per share from earlier offer of EUR 7.25. We continue to think this is a good strategic fit for SPLS, given expansion of geographic reach and likely cost efficiencies. SPLS has already obtained U.S. antitrust clearance, but will now need to receive 75% CXP shareholder approval. We do not think SPLS will further sweeten its offer, and expect CXP shareholders to vote in favor of the proposed transaction once a formal offer has been made."
Staples, Inc. (Staples) is a office products company. Staples, Inc. and its subsidiaries operate three business segments: North American Retail, North American Delivery and International Operations. [SM]
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