Staples offers to buy Office Depot owner's consumer business for $1 bln

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Shopping carts are shown at an Office Depot Inc store in Encinitas, California, U.S., May 8, 2017. REUTERS/Mike Blake

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June 4 (Reuters) - Staples said on Friday it had offered to buy Office Depot owner ODP Corp's (ODP.O) consumer business for $1 billion, the latest effort by the office supplies retailer to acquire its rival's assets.

Staples offered about $18.27 per share for the business, which it said represents a premium of about 43% to the 30-day average closing price of ODP's stock as of June 2.

ODP said it is reviewing Staples' proposal with the assistance of its financial and legal advisors.

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Shares in ODP closed up 11.2% at $49.56 on Friday, after hitting a near four-year high of $50.14 during the session.

Last month, ODP said it would spin off its distribution platform, which schools, offices and other businesses use to buy supplies, into a separate company.

Staples is now proposing to buy ODP's unit that includes the Office Depot and OfficeMax retail store businesses.

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Reporting by Aishwarya Venugopal in Bengaluru; Editing by Aditya Soni

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