USOP and Corporate Express amend asset purchase agreement
US Office Products has amended its asset purchase agreement with Corporate Express relating to the sale of its North American office supplies and furniture business.
USOP has filed a motion with the US Bankruptcy Court requesting that it approve the amendment on an expedited basis at a hearing scheduled for 10 May. Under the terms of the amendment, the companies have agreed to close the transaction promptly following Bankruptcy Court approval and have a targeted mid-May closing date.
Under the revised agreement, the base purchase price for the assets will be $175 million, subject to certain closing and post-closing adjustments. The initial purchase price was $250 million (see channelinfo.net 6/3/2001). The amendment was reached to resolve issues arising from the performance of USOP’s North American Business since 5 March when USOP filed for Chapter 11 protection to facilitate the transaction with Corporate Express.
8-May-2001
