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 Shares of ODP Corp. slipped 1.1% in premarket trading Tuesday, after The Wall Street Journal reported that the office supplies retailer has rejected an unsolicited buyout proposal by rival Staples, which is owned Sycamore Partners. The buyout bid of $40 a share in cash, announced last week, valued ODP at more than $2 billion. The WSJ report, citing a letter it reviewed, said ODP has determined that rather than a sale, it prefers a sale of its retail and consumer-facing e-commerce operations. Staples' latest bid marks the third attempt to acquire its rival, as the WSJ reported. ODP's stock has more than doubled (up 113.8%) over the past three months through Friday, including a 24.1% gain last week, while the S&P 500 has advanced 10.0%.
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