May 16, 2018 / 10:21 PM / 3 months ago

BRIEF-Staples Says Proposed To Buy Essendant For $11.50/Share In Cash

May 16 (Reuters) - Staples Inc:

* STAPLES SAYS ON APRIL 17, SENT LETTER TO ESSENDANT EXPRESSING INTEREST IN DISCUSSIONS REGARDING PROPOSAL TO ACQUIRE ALL REMAINING STOCK OF CO NOT OWNED BY STAPLES

* STAPLES - ON APRIL 27, ESSENDANT INFORMED IT WAS NOT ABLE TO ENTER DISCUSSIONS WITH STAPLES UNDER TERMS OF AGREEMENT BETWEEN ESSENDANT, GENUINE PARTS

* STAPLES SAYS ON APRIL 29, SENT LETTER TO ESSENDANT WHICH REITERATED TERMS OF APRIL 17 LETTER & ENCOURAGED ESSENDANT TO ENGAGE IN DISCUSSIONS WITH STAPLES

* STAPLES - ON MAY 10, ESSENDANT SENT DRAFT OF “ACCEPTABLE CONFIDENTIALITY AGREEMENT” TO STAPLES, TERMS OF WHICH ARE CURRENTLY BEING REVIEWED BY CO

* STAPLES INC REPORTS A 9.9 PCT STAKE IN ESSENDANT INC AS OF MAY 7 - SEC FILING

* STAPLES SAYS IN APRIL 17 LETTER TO ESSENDANT, STAPLES MADE PROPOSAL TO ACQUIRE ALL OF OUTSTANDING SHARES OF ESSENDANT STOCK FOR $11.50/SHARE IN CASH

* STAPLES - IN APRIL 17 LETTER TO ESSENDANT, CO SAYS IT DOES NOT REQUIRE ANY THIRD PARTY FINANCING OR FINANCING APPROVALS TO CONSUMMATE PROPOSED DEAL

* STAPLES - IN APRIL 17 LETTER TO ESSENDANT, CO SAYS IT INTENDS TO FUND THE PROPOSED TRANSACTION WITH AVAILABLE FUNDS

* STAPLES - ON APRIL 27, GOT LETTER FROM ESSENDANT INDICATING ESSENDANT’S BOARD DETERMINED STAPLES' $11.50/SHARE IN CASH PROPOSAL WAS NOT A “SUPERIOR PROPOSAL” Source text: (bit.ly/2Gr4jgS) Further company coverage:

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