Printer Friendly

OFFICE DEPOT AND EASTMAN ANNOUNCE COMPLETION OF MERGER

 DELRAY BEACH, Fla., Sept. 14 /PRNewswire/ -- Office Depot, Inc. (NYSE: ODP) today announced the completion of the previously disclosed acquisition of Eastman Office Products Corporation ("Eastman"). Eastman will continue to use its own name and format and will be operated as a wholly owned subsidiary of Office Depot.
 Each of the shareholders of Eastman will receive $85.50 in cash or 2.89 shares of Office Depot stock for each outstanding share of Eastman stock. A total of 2,693,053 shares of Office Depot stock was issued in the acquisition.
 David I. Fuente, chairman and chief executive officer of Office Depot, stated, "We welcome the Eastman employees and stockholders to Office Depot and we are excited about the future prospects of the combined companies."
 William E. Pichler, the president and chief executive officer of Eastman, commented, "The combination of Eastman and Office Depot presents an exciting opportunity for growth and economies of scale. We are pleased that Eastman is now part of the Office Depot team."
 Separately, Office Depot also announced that it is extending its previously announced offer and consent solicitation for $90 million aggregate principle amount of 13 percent Series B Senior Subordinated Notes Due 2002 of Eastman, Inc., a wholly owned subsidiary of Eastman, in connection with the acquisition. The offer and consent solicitation will now expire at 5 p.m., New York City time, on Wednesday, Sept. 15, 1993, unless extended by the company.
 Under the terms of the offer, the price that noteholders will receive is 122.5 percent of the principle amount of their Notes, plus accrued interest, and noteholders will receive a payment of 3 percent of the principle amount for consents to certain proposed amendments to the indenture governing the Notes. The offer and consent solicitation is conditioned upon execution of a supplemental indenture providing for the proposed amendments to the indenture and certain other conditions. As of the close of business on Sept. 10, 1993, $11,500,000 principle amount of the Notes had been tendered pursuant to the offer and consents for $11,500,000 principle amount of the Notes had been delivered pursuant to the solicitation.
 A supplement to the tender offer documents setting forth the amended and supplemented terms and conditions of the offer and consent solicitation is being mailed to noteholders today.
 Merrill Lynch & Co. is acting as dealer manager for the offer and consent solicitation, D.F. King & Co., Inc. is acting as information agent and Shawmut Bank Connecticut, National Association is acting as depositary.
 Any questions or requests for copies of the tender offer documents may be directed to the information agent at 212-269-5550 or the dealer manager at 212-449-8362.
 Office Depot, based in Delray Beach, Fla., operates the largest chain of high-volume retail office supply stores in North America, with 310 stores in 33 U.S. states and 13 stores in four Canadian provinces. Office Depot also operates eight delivery and contract stationer warehouses in the U.S. Office Depot sells high quality, brand-name office products at significant discounts, primarily to small- and medium- sized businesses.
 Eastman, based in Signal Hill, Calif., is one of the leading full- service contract stationers and office furniture dealers in the western United States.
 -0- 9/14/93
 /CONTACT: Barry Goldstein, executive vice president and CFO, 407-265-4237, or Gary Schweikhart, public relations manager, 407-265-4399, both of Office Depot/
 (ODP)


CO: Office Depot, Inc.; Eastman Office Products Corporation ST: Florida, California IN: REA SU: TNM OFR

AW-MM -- FL002 -- 1603 09/14/93 08:47 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 14, 1993
Words:587
Previous Article:NORTHERN TELECOM AWARDED FIVE-YEAR CONTRACT TO SUPPLY DIGITAL SWITCHES TO UPGRADE NYNEX'S TELECOMMUNICATIONS NETWORK
Next Article:THE ADMAR GROUP REPORTS RECORD SECOND QUARTER RESULTS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters