Friday, January 21, 2022

The Office Depot parent delayed the spin-off after a new offer for the consumer business

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FILE PHOTO: Office Depot Inc. store in Encinitas, California, USA, on May 8, 2017. / Mike Blake

() – ODP Corp. on Friday decided to increase its stake by 10% and delay plans to split into two public companies to consider selling offers for the consumer business.

For the first time in June, Staples ’parent and private equity firm Sycamore Partners had quoted $ 1 billion in cash for the split, one of the bids from USR Parent Inc., a portfolio company.

The parent of the Office Depot and OfficeMax brands said the ODP received a second offer in December, without disclosing the terms of the non-binding offer or the name of the party.

“(The Company) has decided to postpone further work on the allocation to avoid potential unnecessary allocation costs by focusing on the potential sale of the consumer business,” the ODP said in a statement.

The ODP said in May it would complete the transformation of the distribution platform used by schools, offices and other businesses to purchase supplies into a separate company in the first half of this year.

The company said it was still in talks with Sycamore, which reaffirmed its interest in the division, which includes Office Depot and OfficeMax retail outlets, in November and assessed the potential regulatory risk of the deal.

On the eve of the new year, ODP said it had sold CompuCom Systems, a division of technology support and services to companies, to a branch of the private equity firm Variant Equity for a deal worth up to $ 305 million.

Interview with Praveen Paramasivam in Bengaluru; Edited by Shinjini Ganguli

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