Why Staples Stock Is Up 11% So Far This Year
Shares of office supply retailer Staples (NASDAQ: SPLS) have surged 11.6% year to date, according to data provided by S&P Global Market Intelligence. The big news driving the gain came on June 28, when Staples agreed to be acquired for $10.25 per share. Staples' 28-year run as a public company will come to an end when that deal closes later this year.
Staples is being acquired by Sycamore Partners, a private equity firm, for $6.9 billion in cash. This deal comes a little more than a year after Staples' attempted acquisition of rival Office Depot was blocked, forcing the company to abandon the effort. Staples is now being bought out for barely more than the $6.3 billion it had planned to pay for Office Depot.
Image source: Staples.
Source: Fool.com
