Staples Rejects Cerberus’ Takeover Bid, But Sycamore Could Still Have A Chance
Cerberus Capital Management offered to acquire Staples Inc. for more than its $5.8B market value, but Staples said the offer was too low.
The office supplies chain considered selling the company in April less than a year after the Federal Trade Commission blocked its attempt to merge with Office Depot Inc. While Cerberus’ offer was rejected, Sycamore Partners’ offer to buy out the retailer is still on the table, Bloomberg reports.
People familiar with the matter told Bloomberg no final decisions have been made, and said Cerberus could return with a new offer or new bidders could emerge. Three years ago Sycamore raised $2.5B for its second fund, and so far the private equity firm’s largest takeover was its 2015 $2.7B acquisition of Belk Inc., a department store chain.