Corporate Express receives $5.60 buyout offer

Business services provider Corporate Express (ASX:CXP) has announced that its majority shareholder, Staples, has offered to buy out the company for $5.60 per share.

The deal would value Corporate Express at $1.1 billion on an enterprise value basis, Corporate Express said.

The board has unanimously recommended the offer, subject to no competing bids being placed.

The offer represents a 25% premium on CXP’s closing price yesterday of $4.600, and a 52% premium on the 12-month weighted average price of $3.81.

In addition to the $5.60 per share offer, Staples has offered to uphold the previously-declared dividend of $0.125 per share.