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  4. Office Depot parent delays spin-off after new offer for consumer business
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Office Depot parent delays spin-off after new offer for consumer business

(Reuters) - ODP Corp said on Friday it had decided to delay its previously announced plans to split into two public companies to mull over sale offers for its consumer business,...
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Office Depot parent delays spin-off after new offer for consumer business © Reuters. FILE PHOTO: An Office Depot Inc store is shown in Encinitas, California, U.S., May 8, 2017. REUTERS/Mike Blake

(Reuters) - ODP Corp said on Friday it had decided to delay its previously announced plans to split into two public companies to mull over sale offers for its consumer business, sending its shares up 10%.

One of the offers, which first came in June from USR Parent Inc, the parent of Staples and a portfolio company of private equity firm Sycamore Partners, had quoted $1 billion in cash for the division.

ODP, the parent of Office Depot (NASDAQ:ODP) and OfficeMax brands, said it received a second offer in December, without disclosing the terms of the non-binding proposal or the name of the party.

"(The company) has determined to delay further work on the separation in order to avoid incurring potentially unnecessary separation costs while it focuses on a potential sale of the consumer business," ODP said in a statement.

ODP said in May it expected to complete a spin off its distribution platform, which schools, offices and other businesses use to buy supplies, into a separate company in the first half of this year.

The company said it still remains in talks with Sycamore, which reiterated its interested in November in the unit that includes the Office Depot and OfficeMax retail store businesses, while evaluating the regulatory risk of a potential deal.

ODP on New Year's Eve said it had sold its CompuCom Systems division, which provides technology support and services to companies, to an affiliate of private equity firm Variant Equity in a deal valued up to $305 million.

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 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
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 US Coffee C213.73↑ Sell
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 Allianz266.60↑ Sell
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 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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