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Jan. 11, 2021, 1:10 p.m. EST

ODP's stock soars to more than 3-year high after confirming Staples' buyout bid

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By Tomi Kilgore

Shares of ODP Corp. /zigman2/quotes/204015456/composite ODP +6.77% shot up 18.9% toward the highest close in more than three years, after the office supplies business services provider confirmed it received an buyout bid from Staples parent USR Parent, which is owned by Sycamore Partners. Earlier Monday, USR said it proposed to buy ODP for $40 a share in cash, which is 8.2% above Friday's closing price of $36.96. USR said it may increase its proposed valuation for "logical strategic divestitures" that ODP may execute to unlock value, such as the sale of its CompuCom business, or if ODP conducts a sale process for its U.S. commercial business unit. ODP responded in a statement Monday: "Consistent with its fiduciary duties, ODP's board of directors is carefully reviewing the proposal in consultation with its financial and legal advisors to determine the course of action that it believes is in the best interests of the Company and its shareholders." ODP's stock, which is on track for the highest close since October 2017, has rocketed 94.1% over the past three months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.49% has tacked on 9.8%.

/zigman2/quotes/204015456/composite
US : U.S.: Nasdaq
$ 44.00
+2.79 +6.77%
Volume: 232,979
May 14, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$2.36 billion
Rev. per Employee
$262,432
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/zigman2/quotes/210599714/realtime
US : S&P US
4,173.85
+61.35 +1.49%
Volume: 1.91B
May 14, 2021 5:02p
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