Kirkland, Cleary Advise Staples In $2.1B Office Depot Bid

Law360 (January 11, 2021, 5:29 PM EST) -- Staples, with counsel from Kirkland and Cleary Gottlieb, announced Monday it is seeking to purchase Office Depot for $2.1 billion, the latest in a nearly quarter-century-long saga that's seen two failed merger attempts between the rival retailers.

Staples' parent company, USR Parent Inc., is now seeking to buy Nasdaq-listed The ODP Corp. for $40 a share, an offer that's a 61% premium on ODP's average close over the past 90 days, Staples said Monday. The deal would see the Framingham, Massachusetts-based company gain control of Office Depot and its portfolio of roughly 1,400 brick-and-mortar stores.

Staples sought to buy Office Depot...

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