Staples takeover target tries end-around ploy

By Tom Stundza -- Purchasing, 5/21/2008 10:52:00 AM

Corporate Express believes the best defense is a strong offense, as the Staples takeover target makes a $2.7 billion bid for French peer Lyreco. A MarketWatch report says the deal by the Amsterdam-based Corporate Express would create the largest business-to-business player in Europe, North America and the Asia Pacific with $12.4 billion of combined sales, 28,000 employees and operations in 32 countries.

The European plan would hand over the chief executive position at the combined firm to Eric Bigeard, current chief of the Marly, France firm, with Corporate Express CEO Peter Ventress taking the chief operating officer role.

Framingham, Mass.-based Staples launched its public offer directly to the shareholders on May 19 after its initial offer was rejected by Corporate Express. A Bloomberg report says that Staples, already the world's biggest office-supplies retailer, has pursued Corporate Express for three months, aiming to build direct sales to companies and counter slowing demand from U.S. consumers and small businesses.