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This time, however, Office Depot rejected the bid, saying it would invite antitrust scrutiny again. Staples was eventually taken private by private equity firm Sycamore Partners, and this past January, the company - renamed as USR Parent - offered to buy Office Depot again for $2 billion. They attempted a merger again in 2015, this time for $6.3 billion, but that also was shot down by regulators over antitrust concerns. Staples' attempts to buy Office Depot extend back to 1997 when the Justice Department first rejected a $4 billion combination of their retail operations for fear it would limit competition. Now USR Parent, which is Staples' retail office-supply business, says it is thinking about buying certain Office Depot assets, and Office Depot actually says it's not opposed to the idea. Time and time again, the office supplies giant has tried to buy its rival and failed, often because the government prevented it over antitrust concerns, but more recently because Office Depot itself said no. Explore Staples Connect at a local Staples Store or online at. USR Parent is affiliated with Sycamore Partners, the private equity firm that bought Staples for $6.9 billion in 2017.Staples just can't quit Office Depot (NASDAQ: ODP). Staples Stores and Staples Connect retail locations serve millions of customers from entrepreneurs and small businesses to remote workers, parents, teachers, and students. With estimated 2019 North American promotional product revenue of $601.6 million, Staples Promotional Products ranked third on Counselor’s most recent list of the largest distributors in the industry. Staples previously tried to purchase Office Depot in 19, but governmental authorities blocked the deals over regulatory concerns. In January, Staples proposed a more than $2 billion takeover offer that ODP declined. Headquartered in Boca Raton, FL, ODP’s brands include OfficeMax, CompuCom, Grand & Toy and Office Depot. The unit accounted for about half of the company’s fiscal 2020 sales.
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Reuters reported that ODP’s business solutions unit sells office supply products, breakroom supplies and personal protective equipment (PPE) to businesses in the United States and Canada. ODP has said it wants to hang onto its B2B business. In March, ODP rejected a previous offer from Staples, but did leave the door open to combining its retail and consumer-facing operations if the deal was right, including in the form of a joint venture or potential sale. Last month, ODP announced a plan to separate into two independent, publicly traded companies: ODP, a leading provider of retail consumer and small-business products and services, and NewCo, a B2B solutions provider serving small, medium and enterprise-level companies. ODP has responded that its board of directors is carefully reviewing Staples’ proposal with the assistance of its financial and legal advisers to determine the course of action that’s in the best interest of the company and its shareholders, StreetInsider reported. In a letter dated Friday, June 4, Staples offered $1 billion to acquire ODP Corporation’s consumer business, including the Office Depot and OfficeMax retail stores business, the company’s direct channel business (), and the Office Depot and OfficeMax intellectual property, including all brand names. Staples Promotional Products (asi/120601), which is part of Staples, is the third-largest distributor in the North American promotional products industry. That’s what USR Parent, the parent company of Staples, is hoping after making another acquisition proposal to ODP Corporation, parent company of Office Depot.