Staples (ASX:CXP) acquires 92% of Corporate Express

Staples (ASX:CXP) acquires 92% of Corporate Express

Staples Australia has secured over 92% of computer and office equipment distributor Corporate Express, (ASX:CXP) and intends to mount a compulsory acquisition for the rest.

Corporate Express said shareholders who have accepted the offer should receive payment for their shares on or before July 16. The rest will be paid within five business days of registering a valid acceptance.

Under Australian regulations, companies may mount a compulsory acquisition after acquiring a full beneficial interest in at least 90% of issued shares in a takeover target.

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