Staples Inc., the U. S. office products retailer, has offered a takeover bid for the remaining stake in Corporate Express Australia Ltd. Staples already owns 58.6% stake in Corporate Express. The recent bid by Staples values Corporate Express Australia Ltd around $A1 billion.

U. S. based Staples Inc. offered $A5.60 per share for the remaining 41.4% stake in Corporate Express. By paying $A5.60 per share, Staples offered a 22% premium to the current shareholders. In its offer, Staples also said that the shareholders will still receive a 12.5 cent dividend announced on March 2. This brings the total value of the offer to $A5.72 per share.

Staples Inc., the largest office products company in the world, also offered a special dividend of 78 Australian cents a share for the outstanding issued capital in the company.

"The offer provides the minority shareholders of Corporate Express Australia with a compelling opportunity to realize a significant premium to the current share price," said Ron Sargent, chief executive of Staples.

Reportedly, the board of Corporate Express board has recommended the offer to shareholders as there was no other superior bid on the floor.