ODP Corporation’s Board Rejects Sale of Office Depot
Staples’ long-running pursuit of Office Depot’s consumer-business has come to an end – at least for now.
The ODP Corporation, parent company of Office Depot and Office Max, today announced that there would be no sale or or spin-off of these consumer businesses.
“Given current market and macroeconomic conditions, as well as the benefits of maintaining purchasing and supply-chain synergies, the board has determined that now is not the right time to further pursue separating the company into two independent, publicly traded companies,” said Joseph Vassalluzzo, chair of the Board of Directors for The ODP Corporation.
Staples, which is was purchased by Sycamore Partners for $6.9 billion in 2017, began pursuing Office Depot earlier last year. That attempt followed a failed attempt six years earlier, with U.S. regulatory authorities stopping the merger. Staples also tried and failed to merge in 1997.
The ODP Corporation’s board also announced that it won’t pursue a company separation at this time, and instead will maintain all of its businesses under common ownership. ODP had put the separation process on hold earlier this year pending evaluation of potential opportunities to divest the its consumer business.
- November 2022: Staples Renews Offer for Office Depot’s Consumer Business
- June 2021: Staples Makes New Bid to Acquire Office Depot Consumer, Direct Businesses
- March 2021: Office Depot Turns Down Staples’ Acquisition Offer Again
- January 2021: Office Depot Rejects Staples’ Buyout Offer, Proposes Alternatives