Sycamore Partners-backed (ODP Corp. (ODP) The news comes after ODP announced on March 15 that it has rejected a previous offer from Staples to acquire various assets. In a letter, ODP said it was open to "combining our retail and consumer-facing e-commerce operations with Staples under the right set of circumstances and on mutually acceptable terms, including in the form of a joint venture or potential sale of such assets by ODP. This remains the case." However, ODP says the previous offer from Staples failed to include details including a timeline for completing the transaction or valuation for the assets the company sought to purchase. ODP shares have rallied 38.7% over the past three months, and have gained nearly 149% over the last year. The company has faced business encroachment ( ) by Amazon.com Inc. (AMZN) and others over recent years. The benchmark S&P 500 index is up 53.2% for the last 12 months.) USR Parent Inc., which is the Staples retail office supply business, says it is evaluating the alternatives to purchase assets belonging to competitor
-Tonya Garcia; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
March 31, 2021 09:24 ET (13:24 GMT)
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