Baker & McKenzie Advises Corporate Express on $1 Billion Takeover Offer
Deal Announcement
March 19, 2010
Sydney, Australia, 19 March 2010 – Baker & McKenzie has advised Corporate Express Australia Limited (ASX: CXP) on the recommended takeover by Staples, Inc, announced on 17 March 2010. Staples has offered to acquire all of the issued shares in Corporate Express that it does not already own, for an offer consideration that values Corporate Express at approximately A$1 billion.
Corporate Express is Australia's leading contract office supplier. Staples is the world's largest office products company.
The Staples offer will be implemented by an off-market takeover. The offer is unanimously recommended by the Independent Directors of Corporate Express but is subject to a number of conditions, including confirmation by an Independent Expert that the offer is fair and reasonable to the non-Staples shareholders, and the approval of the Foreign Investment Review Board.
Ben McLaughlin and Hal Lloyd, partners in Baker & McKenzie's Sydney M&A practice are advising Corporate Express. Baker & McKenzie partner Tim Sherman together with KPMG Tax (Grant Wardell-Johnson) and are providing tax advice. KPMG Corporate Finance (Trevor Allen) is the financial adviser.
Speaking about the deal, Ben McLaughlin said, "We are delighted to assist our client Corporate Express in putting this takeover offer by Staples to shareholders. Corporate Express and Staples have had a close relationship since 2008 so this is a logical next step.
"We have been fortunate to act for Corporate Express since 1995, having completed over 60 acquisitions for them, and advising them on numerous capital markets transactions."
Kathleen Forbes, Corporate Express' Company Secretary and Head of Legal, commented, "Our relationship with Baker & McKenzie has extended over many years. We have been able to take advantage of their thorough knowledge of the Company in this transaction."