Staples Makes $1 Billion Bid For Office Depot & Office Max

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FRAMINGHAM – For the third time, Staples is making a bid for Office Depot.

The parent company of Framingham-based Staples, USR Parent, made an unsolicited $1 billion bid to buy the consumer business of ODP Corp., including its approximately 1,100 Office Depot and OfficeMax retail stores and officedepot.com,

An affiliate of Sycamore Partners, USR Parent sent a letter to ODP’s board of directors proposing the acquisition.

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“We believe our proposal represents a compelling opportunity for [ODP] and its shareholders,” USR wrote in its letter. “We look forward to working with the company to negotiate and sign the necessary definitive agreements for the proposed transaction, and to proceed to closing the transaction as soon as practicable.”

Earlier this year in January, ODP turned down an offer by Staples to buy the company for $2.1 billion in cash, saying it was unlikely to overcome regulatory challenges.

In 2016, federal regulatory rejected a $6.3 billion deal for Staples & Office Depot to merge.

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