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Staples Offers $1 Billion for ODP’s Consumer Unit in New Bid

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By Anne Riley Moffat

June 4, 2021 at 9:27 AM EDT

Updated on

June 4, 2021 at 4:26 PM EDT

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Staples made a $1 billion offer to buy rival Office Depot’s consumer business, the latest in its multiyear attempt to consolidate the office-products space.

USR Parent Inc., the owner of Staples, laid out in a letter Friday its plan to buy the consumer-facing units of ODP Corp., including the Office Depot and OfficeMax retail stores and websites. The cash offer, which isn’t for the entire company, is valued at about $18.27 a share, or about 43% of the 30-day average closing share price as of June 2, Staples said in a statement.