The 2020 Mid-Year Economic Update_long

Essendant’s Q3 Sales Down 1.2%

Distributor says merger with Staples expected to close in the fourth quarter.

Essendant Inc. (NASDAQ: ESND), Deerfield, IL, reported third-quarter sales of $1.3 billion, down 1.2 percent compared to the prior-year period. The company reported a net loss of $4.5 million for the quarter.

Essendant said it expects its proposed merger with Staples, Inc. to close during the fourth quarter. The companies announced the merger agreement on September 14, noting that Staples will purchase all outstanding shares of Essendant’s common stock for $12.80 per share.

“We continue to expect the Staples transaction to close in the fourth quarter of this year and are confident in the clear benefits the transaction will enable us to deliver to our customers and the definitive value it provides our shareholders,” Essendant’s President and CEO Rick Phillips said in a statement.

 

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