Office Depot rejects the takeover offer from Staples – WSJ

(Reuters) – ODP Corp, owner of Office Depot, has rejected a takeover bid of more than $ 2 billion from Staples, the biggest rival, who proposes to combine only retail operations, reported the Wall Street Journal on Tuesday, citing a letter.

ODP concluded that a sale of its retail and e-commerce business or a joint venture is preferable to a full acquisition, the Journal reports here, citing the letter, which was sent by the president of ODP to a official of the owner of Staples.

Both companies were not immediately available for comment.

Reportage by Nivedita Balu in Bengaluru; Editing by Anil D’Silva