Looks like Cerberus Capital Management really wants Staples. The private equity firm has upped its bid for the office supplies retailer to $7 billion.
According to StreetInsider, the firm made their bid of $7 billion after their previous bid had been rejected. The latest bid now is a premium to Staple’s current market value of $5.96 billion.
Investors are watching closely as is the Street because a deal for Staples could be reached pretty soon.
Sycamore Partners has also had an interest in the office supply chain but it’s not sure if they had made a rival bid.
It was back in April that it was announced that Staples was in early discussions with some private equity firms for a buy out. At the time the company had a market valuation of about $6.4 billion.
The Journal had reported then that Staples could have a takeover price of $7 billion or more.
Shares had their biggest intra-day move when that announcement was released since February of 2013.
Disclaimer: We have no position in Staples, Inc. (NASDAQ: SPLS) and have not been compensated for this article.