Staples completes tender offer for Essendant
Staples Inc. and Essendant Inc. announced the successful completion of the previously announced tender offer by the parent company of Staples to acquire all outstanding shares of Essendant for $12.80 per share.
"Staples will work together with Essendant to give reseller customers access to an expanded product assortment, innovative technology and world-class supply chain capabilities and support. Essendant and Staples’ sales teams will continue to operate separately," according to a press release issued by Staples.
“Staples views the reseller community as partners in serving customers that will allow us all to be successful,” said Sandy Douglas, chief executive officer, Staples Inc. “We value the relationships the resellers have built with Essendant and look forward to helping them build on their already impressive success. We’ve created a strong, externally monitored firewall, to protect resellers’ confidential information, as required by the FTC, and also as a sign of trust, because we know it’s the best thing for the Essendant business, and the resellers.”
As part of the transition, Ric Phillips, president and chief executive officer of Essendant, has announced his intention to seek opportunities outside the company. Harry Dochelli, who has been with Essendant for the past six years, most recently in the role of president of office and facilities, has been named president and will lead the organization.
“Essendant has been a key partner to the reseller community for almost a century, and we see that relationship only strengthening by working with Staples,” said Dochelli. “Essendant brings a unique value proposition to its reseller partners, and with Staples, will now have enhanced capabilities to provide to our customers, enabling them to win in the marketplace.”
INDUSTRIAL SUPPLY MAGAZINE
The March/April issue of Industrial Supply magazine features an in-depth cover story about Joyce Lansdale and Vallen. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and David Kahle, as well as interviews with numerous product and distribution industry experts.
