Staples Puts in Bid for Essendant

Sycamore Partners, the private equity owners of Staples, Inc., has made an unsolicited proposal to acquire Essendant.

The conditional, non-binding proposal calls for Staples to pay acquire Essendant in an-all cash deal of US$11.50 per share. At this time, there are no assurances that Staples’ bid will result in a transaction, as Essendant previously agreed to a merger with Genuine Parts Co.’s S.P. Richards Co. businesses unit earlier this year.