The ODP Corporation , parent business of Office Depot and Workplace Max , will be gotten by Atlas Holdings for $ 28 per share in money, or $ 842 2 million based upon impressive shares. The offer, which values the store at $ 1 billion , will take the business private by the end of this year, with its shares no more offered on the NASDAQ stock exchange.
“This transaction, totally sustained by our board, gives a substantial premium for The ODP Firm’s investors and will certainly enhance the business’s position for the following stage of development,” said Gerry P. Smith, Chief Executive Officer of ODP in a declaration. “Atlas brings an understanding of our industry, in addition to operational expertise, sources and performance history of sustaining its firms that will fast-forward our B 2 B growth efforts and strengthen our placement as a relied on companion to our consumers.”
Atlas Holdings and its affiliates contain 27 manufacturing and circulation companies in industries including vehicle, building materials, company solutions, energy, food and drink, packaging and logistics sectors. Atlas was started in 2002 however notes on its web site that much of its companies have been doing service for more than a century,.
“Atlas has a long background of transitioning public firms right into successful private enterprises, and we are uniquely placed to do simply that with The ODP Corporation– a legendary American firm,” said Michael Sher, Handling Companion at Atlas in a statement. “The ODP Company’s leadership has actually already taken a number of actions to mitigate the challenging retail setting, and we are the appropriate companions to sustain The ODP Firms’s proceeded evolution in its next chapter.”
In November 2024 Office Depot partnered with Grubhub for on-demand delivery from its 800 + shops, and earlier this month Workplace Depot instituted a” 15 -Min Pick-up Promise” for in-store or curbside pickup of orders.