DEERFIELD, IL—Essendant, Inc. recently acknowledged receipt of a letter from Staples, Inc., including Staples' reiteration of its proposal to acquire Essendant for $11.50 per share in cash.
The Essendant Board of Directors, in consultation with its legal and financial advisors and consistent with its fiduciary duties, is reviewing the letter and other materials filed earlier by Staples with the Securities and Exchange Commission.
As previously announced, Essendant and Genuine Parts Company entered into a definitive merger agreement on April 12, 2018, in which Essendant agreed to combine with GPC's S.P. Richards business. The merger agreement with GPC remains in effect, and the Essendant Board has not changed its recommendation that Essendant's shareholders vote in favor of that transaction.
Essendant remains committed to implementing its strategic initiatives as it evolves its business, supports its customers and builds on the momentum reflected in the Company's improved financial results for the second quarter of 2018.
Citigroup Global Markets Inc. is acting as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to Essendant.