Staples breakouts after acquiring rival

Staples Inc. (SPLS – FusionIQ – Master technical score (76)) continued yesterday’s breakout this morning on the heels of its hard-fought battle to acquire the Dutch company Corporate Express (CXP), gaining the acceptance of the board after having increased its bid three times to 1.7 billion euros ($2.65 billion).  Its bid consists of an all-cash offer of 9.25 euros ($14.33) per share, up from 8 euros per share ($12.40) and, still earlier, a bid of 7.25 euros ($11.23), each of which Corporate Express (rejected in turn as too low).

 

Given the reaction of the share price investors are rewarding SPLS shares and see the acquisition as a major positive.


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