(Reuters) – Office Depot owner ODP Corp rebuffed a more than $2 billion takeover offer from bigger rival Staples, proposing to combine only retail operations, the Wall Street Journal reported on Tuesday, citing a letter.
ODP has concluded that a sale of its retail and e-commerce operations or a joint venture is preferable to a full takeover, the Journal reported https://www.wsj.com/articles/office-depot-rebuffs-takeover-offer-from-staples-11611058502?mod=latest_headlines, citing the letter, which was sent by ODP’s chairman to an official of Staples’ owner.
Both companies were not immediately available for comment.
(Reporting by Nivedita Balu in Bengaluru; Editing by Anil D’Silva)
