Office Depot rejects takeover offer from Staples


Office Depot has rejected another takeover attempt by office supply rival Staples, according to a letter sent Tuesday by a company executive.

However, the parent company of Office Depot, ODP, said it is open to a different kind of a deal, such as selling its retail and e-commerce businesses to Staples or agreeing to a joint venture, according to the letter.

In the letter, ODP Chairman Joseph Vassalluzzo wrote that a deal that’s not a full takeover “could be executed more efficiently and with far greater certainty and less regulatory risk than your proposal.”

“It would also help maintain competitiveness against nontraditional retailers and optimize ongoing choices for consumers,” he wrote….


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