The Firm is representing Office Depot, Inc. (NASDAQ: ODP) in connection with its proposed sale to Staples, Inc. (NASDAQ: SPLS) in a cash-and-stock transaction currently valued at an equity value of $6.3 billion. Under the terms of the transaction, Office Depot shareholders will receive, for each Office Depot share, $7.25 in cash and 0.2188 of a share in Staples’ stock, representing $11 per share and a premium of 44% to Office Depot’s stock price based on Staples’ closing share price on February 2, 2015, the last trading day prior to the initial media speculation around a possible transaction. The transaction, which is expected to close by the end of calendar year 2015, is subject to shareholder and regulatory approval and other customary closing conditions.
Formed by the merger of Office Depot and OfficeMax, Office Depot is a leading global provider of products, services, and solutions, including latest technology, core office supplies, print and document services, business services, facilities products, furniture, and school essentials.
The Simpson Thacher team includes Mario Ponce, Ryan Song and Andrew Edelen (M&A); Brian Steinhardt (Credit); Richard Fenyes (Capital Markets); Kevin Arquit, Michael Naughton, Peter Herrick, Bill Kearney, Andrea Levine, Preston Miller and Jonathan Kelley (Competition); Brian Robbins, Jamin Koslowe, Alisa Tschorke and Nadine Mompremier (Executive Compensation and Employee Benefits); John Creed and Taylor Alexander (Tax); Lori Lesser and Genevieve Dorment (IP); and Adeeb Fadil and Louise Kruger (Environmental).