25 February 2008 | Jake Kanter
Office products supplier Corporate Express (CE) has rejected a takeover bid of around ?2.5 billion (£1.9 billion) from rival US firm Staples.
The Dutch firm said the proposal "significantly undervalued" the company and did not believe the deal was in the best interests of its shareholders and stakeholders.
Earlier this month Staples made CE an offer of ?7.25 (£5.46) per share, which were then trading at ?4.32 (£3.25). This morning, shares in CE are trading at ?7.80.
Staples said any merger would offer significant value to CE shareholders and stakeholders, and improve its customer service.