ODP Corporation, owner of the office supply stores Office Depot and OfficeMax, has accepted a buy -back offer from a subsidiary of Atlas Holdings for around 1 dollars (around 850 million euros) for a side trip, companies announced on Monday.
The Atlas investment company will pay $ 28 dollars per share to acquire ODP, which also owns ODP Business Solutions, which represents a premium of 34% compared to the closing course on September 19.
ODP, whose headquarters are located in Boca Raton, Florida, studied the possibility of a sale with the JPMorgan investment bank, according to sources. Its board of directors has approved the transaction, which should be finalized by the end of the year, subject to the approval of regulators and ODP shareholders.
“Atlas brings an understanding of our sector, as well as operational expertise, resources and a support history for its companies which will accelerate our B2B growth initiatives and strengthen our position as trusted partner with our customers,” said Gerry Smith, Director General of ODP, in a press release.
Based in Greenwich, in Connecticut, Atlas was founded in 2002 and has 29 companies in the manufacturing and distribution sectors.
(Written by Abigail Summerville in New York, Noémie Naudin, edited by Kate Entringer)
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