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競(jìng)爭(zhēng)對(duì)手提出收購(gòu)請(qǐng)求,讓這家公司看到了新機(jī)會(huì)

ODP想趁機(jī)賣掉零售業(yè)務(wù)。

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多年來(lái),ODP[原歐迪辦公(Office Depot)]一直在想方設(shè)法減少對(duì)零售業(yè)務(wù)的依賴,希望阻止因?yàn)橄M(fèi)者轉(zhuǎn)為線上購(gòu)物或從競(jìng)爭(zhēng)對(duì)手購(gòu)買辦公用品所導(dǎo)致的日益嚴(yán)重的長(zhǎng)期銷售下滑。

2017年,在首席執(zhí)行官格里·史密斯的領(lǐng)導(dǎo)下,歐迪辦公正式確定了其戰(zhàn)略改造計(jì)劃,除了多年來(lái)的日常業(yè)務(wù)以外,例如向日常消費(fèi)者銷售紙筆和文件夾等商品,公司將加大投入,向商業(yè)客戶提供更高價(jià)值的服務(wù)。

這個(gè)商業(yè)服務(wù)部門提供技術(shù)、拷貝和打印服務(wù),以及向公司供應(yīng)清潔用品和辦公家具等。2015年,該部門與零售部門為ODP貢獻(xiàn)的收入相當(dāng),均為約60億美元。但到2019年,商業(yè)服務(wù)部門的銷售額比零售業(yè)務(wù)多了近10億美元。

所以,ODP雖然拒絕了主要競(jìng)爭(zhēng)對(duì)手史泰博(Staples)在上周提出的21億美元的收購(gòu)要約,但卻留下了懸念,這并不令人意外。這已經(jīng)是雙方數(shù)十年的競(jìng)爭(zhēng)過(guò)程中,史泰博第三次提出收購(gòu)要約。在并購(gòu)談判過(guò)程中,最開(kāi)始拒絕是慣用的手段。但ODP的答復(fù)中提出了一條建議:考慮只收購(gòu)我們的零售業(yè)務(wù),或者創(chuàng)建一家合資公司,合并兩家公司的零售部門。

這樣做有什么好處?這樣可以減少交易被監(jiān)管部門否決的風(fēng)險(xiǎn),避免重蹈2016年的覆轍。史泰博從1996年到2016年一直希望收購(gòu)歐迪辦公。2017年,史泰博被私募股權(quán)基金Sycamore Partners收購(gòu)。史泰博最后一次嘗試提出了55億美元的價(jià)格,但眾所周知,該筆交易最終被美國(guó)反壟斷監(jiān)管部門叫停,原因是該交易將減少大型企業(yè)辦公用品合同的競(jìng)爭(zhēng)。

史泰博也認(rèn)識(shí)到收購(gòu)交易被監(jiān)管部門否決的風(fēng)險(xiǎn),因此它在上周的收購(gòu)計(jì)劃中表示,將在收購(gòu)?fù)瓿珊蟪鍪跲DP的IT管理公司CompuCom或其企業(yè)對(duì)企業(yè)業(yè)務(wù)。所以O(shè)DP建議兩家公司這一次將事情變得更簡(jiǎn)單,以避免太多麻煩。

ODP的董事長(zhǎng)約瑟夫·瓦薩洛佐在寫給Sycamore的一封信中表示:“我們認(rèn)為僅交易零售業(yè)務(wù)面臨的監(jiān)管風(fēng)險(xiǎn),遠(yuǎn)低于貴方提議的交易方案。”這封信于1月18日被提交給監(jiān)管部門。

他補(bǔ)充說(shuō):“然而,我們不打算參與貴方提出的交易,因?yàn)闅v史已經(jīng)證明,這種交易可能要經(jīng)過(guò)漫長(zhǎng)的監(jiān)管審批流程,而且代價(jià)高昂,還不能夠保證成功。”

以零售業(yè)務(wù)為重點(diǎn)的交易符合ODP的設(shè)計(jì):該公司在去年6月變更公司名稱并將其改為控股公司時(shí),已經(jīng)明確了發(fā)展重心。ODP的部門包括歐迪辦公連鎖店。

雖然歐迪辦公在2013年收購(gòu)了OfficeMax,但其實(shí)體零售業(yè)務(wù)卻在持續(xù)萎縮。去年,公司關(guān)閉了73家門店,后來(lái)有數(shù)百家門店停業(yè)。公司對(duì)剩余門店進(jìn)行了改造,在部分門店增加了共享辦公空間,并將其作為電子商務(wù)業(yè)務(wù)的關(guān)鍵節(jié)點(diǎn)。(史泰博也有類似的措施。)

但公司的零售業(yè)務(wù)仍然在持續(xù)下滑。上個(gè)季度,歐迪辦公的零售銷售額只減少了3%,降幅低于其商業(yè)服務(wù)部門,原因是許多公司因?yàn)橐咔槎鴾p少了支出。但長(zhǎng)期趨勢(shì)依舊表明,零售業(yè)務(wù)在短期內(nèi)不會(huì)實(shí)現(xiàn)增長(zhǎng)。此外,兩家公司合并零售業(yè)務(wù)可以幫助新成立的零售實(shí)體降低成本,解決零售部門多年來(lái)從宏觀層面持續(xù)下滑的問(wèn)題。

瓦薩洛佐表示:“我們將繼續(xù)執(zhí)行‘最大化B2B’重組計(jì)劃,該計(jì)劃已經(jīng)初見(jiàn)成效。ODP希望繼續(xù)推進(jìn)該方案。”(財(cái)富中文網(wǎng))

翻譯:劉進(jìn)龍

審校:汪皓

多年來(lái),ODP[原歐迪辦公(Office Depot)]一直在想方設(shè)法減少對(duì)零售業(yè)務(wù)的依賴,希望阻止因?yàn)橄M(fèi)者轉(zhuǎn)為線上購(gòu)物或從競(jìng)爭(zhēng)對(duì)手購(gòu)買辦公用品所導(dǎo)致的日益嚴(yán)重的長(zhǎng)期銷售下滑。

2017年,在首席執(zhí)行官格里·史密斯的領(lǐng)導(dǎo)下,歐迪辦公正式確定了其戰(zhàn)略改造計(jì)劃,除了多年來(lái)的日常業(yè)務(wù)以外,例如向日常消費(fèi)者銷售紙筆和文件夾等商品,公司將加大投入,向商業(yè)客戶提供更高價(jià)值的服務(wù)。

這個(gè)商業(yè)服務(wù)部門提供技術(shù)、拷貝和打印服務(wù),以及向公司供應(yīng)清潔用品和辦公家具等。2015年,該部門與零售部門為ODP貢獻(xiàn)的收入相當(dāng),均為約60億美元。但到2019年,商業(yè)服務(wù)部門的銷售額比零售業(yè)務(wù)多了近10億美元。

所以,ODP雖然拒絕了主要競(jìng)爭(zhēng)對(duì)手史泰博(Staples)在上周提出的21億美元的收購(gòu)要約,但卻留下了懸念,這并不令人意外。這已經(jīng)是雙方數(shù)十年的競(jìng)爭(zhēng)過(guò)程中,史泰博第三次提出收購(gòu)要約。在并購(gòu)談判過(guò)程中,最開(kāi)始拒絕是慣用的手段。但ODP的答復(fù)中提出了一條建議:考慮只收購(gòu)我們的零售業(yè)務(wù),或者創(chuàng)建一家合資公司,合并兩家公司的零售部門。

這樣做有什么好處?這樣可以減少交易被監(jiān)管部門否決的風(fēng)險(xiǎn),避免重蹈2016年的覆轍。史泰博從1996年到2016年一直希望收購(gòu)歐迪辦公。2017年,史泰博被私募股權(quán)基金Sycamore Partners收購(gòu)。史泰博最后一次嘗試提出了55億美元的價(jià)格,但眾所周知,該筆交易最終被美國(guó)反壟斷監(jiān)管部門叫停,原因是該交易將減少大型企業(yè)辦公用品合同的競(jìng)爭(zhēng)。

史泰博也認(rèn)識(shí)到收購(gòu)交易被監(jiān)管部門否決的風(fēng)險(xiǎn),因此它在上周的收購(gòu)計(jì)劃中表示,將在收購(gòu)?fù)瓿珊蟪鍪跲DP的IT管理公司CompuCom或其企業(yè)對(duì)企業(yè)業(yè)務(wù)。所以O(shè)DP建議兩家公司這一次將事情變得更簡(jiǎn)單,以避免太多麻煩。

ODP的董事長(zhǎng)約瑟夫·瓦薩洛佐在寫給Sycamore的一封信中表示:“我們認(rèn)為僅交易零售業(yè)務(wù)面臨的監(jiān)管風(fēng)險(xiǎn),遠(yuǎn)低于貴方提議的交易方案。”這封信于1月18日被提交給監(jiān)管部門。

他補(bǔ)充說(shuō):“然而,我們不打算參與貴方提出的交易,因?yàn)闅v史已經(jīng)證明,這種交易可能要經(jīng)過(guò)漫長(zhǎng)的監(jiān)管審批流程,而且代價(jià)高昂,還不能夠保證成功。”

以零售業(yè)務(wù)為重點(diǎn)的交易符合ODP的設(shè)計(jì):該公司在去年6月變更公司名稱并將其改為控股公司時(shí),已經(jīng)明確了發(fā)展重心。ODP的部門包括歐迪辦公連鎖店。

雖然歐迪辦公在2013年收購(gòu)了OfficeMax,但其實(shí)體零售業(yè)務(wù)卻在持續(xù)萎縮。去年,公司關(guān)閉了73家門店,后來(lái)有數(shù)百家門店停業(yè)。公司對(duì)剩余門店進(jìn)行了改造,在部分門店增加了共享辦公空間,并將其作為電子商務(wù)業(yè)務(wù)的關(guān)鍵節(jié)點(diǎn)。(史泰博也有類似的措施。)

但公司的零售業(yè)務(wù)仍然在持續(xù)下滑。上個(gè)季度,歐迪辦公的零售銷售額只減少了3%,降幅低于其商業(yè)服務(wù)部門,原因是許多公司因?yàn)橐咔槎鴾p少了支出。但長(zhǎng)期趨勢(shì)依舊表明,零售業(yè)務(wù)在短期內(nèi)不會(huì)實(shí)現(xiàn)增長(zhǎng)。此外,兩家公司合并零售業(yè)務(wù)可以幫助新成立的零售實(shí)體降低成本,解決零售部門多年來(lái)從宏觀層面持續(xù)下滑的問(wèn)題。

瓦薩洛佐表示:“我們將繼續(xù)執(zhí)行‘最大化B2B’重組計(jì)劃,該計(jì)劃已經(jīng)初見(jiàn)成效。ODP希望繼續(xù)推進(jìn)該方案。”(財(cái)富中文網(wǎng))

翻譯:劉進(jìn)龍

審校:汪皓

For years, ODP, né Office Depot, has sought to reduce its reliance on retail in the hopes of arresting a long, gradual sales decline as consumers have gone online or turned to rivals to get their office supplies.

In 2017, under CEO Gerry Smith, Office Depot formalized its strategic reinvention, looking to move well beyond what had been its bread-and-butter business for years—selling commodities like paper, pens, and folders to everyday consumers—and making a much bigger play in higher-value services for business customers.

That division, called its business services unit, offers things like tech, copy, and print services, along with cleaning supplies and office furniture to companies. In 2015 that segment and retail were roughly on par in terms of revenue for ODP at around $6 billion. But by 2019, business services generated almost a billion more in sales.

So it's not surprising that ODP has replied to last week's unsolicited $2.1 billion acquisition offer from archrival Staples—its third in their decades of competition—by saying no thanks, but with a twist. An initial rejection is par for the course in mergers and acquisition negotiations. But ODP's reply came with a suggestion: Consider buying our retail business only or creating a joint venture combining both companies' retail units.

The upside? There would be less risk of regulators shooting them down again as they did in 2016. Staples, owned by private equity firm Sycamore Partners since 2017, tried to buy Office Depot in 1996 and 2016. That last attempt, a $5.5 billion offer, famously ended when U.S. antitrust regulators nixed the deal, saying it would reduce competition for large corporate office supplies contracts.

Acknowledging the risk of a regulatory block, Staples suggested in its overture last week that it would sell ODP's IT management company CompuCom or its business-to-business unit post-acquisition. So ODP suggested the companies make things simpler this time out and save themselves a lot of aggravation.

"We believe the regulatory risk of pursuing a retail-only transaction to be significantly lower than your proposed transaction," Joseph Vassalluzzo, ODP chairman, wrote in a letter to Sycamore filed on January 18 with regulators.

"What we do not plan to do, however, is engage in a transaction that, as history has shown, would likely result in a prolonged and expensive regulatory review process with no guarantee of success," he added.

A retail focused deal would be consistent with ODP's designs: The company made its emphasis even clearer last June when it renamed the corporation ODP and turned it into a holding company, whose divisions include the Office Depot chain.

Office Depot's physical retail presence has withered, despite having bought OfficeMax in 2013. In the past year it has closed 73 stores, following hundreds of closures. It has overhauled remaining locations, including adding shared workspaces at some and using them as crucial nodes in its e-commerce operations. (Staples has made similar moves.)

But retail continues to slip for the company. Retail sales at Office Depot fell only 3% last quarter, a smaller drop than its business services unit saw, as many companies pulled back because of the pandemic. Still, the longer term trajectory suggests that retail won't be a growth category anytime soon. What's more, a combination would help any new retail entity cut costs and manage what has been a segment in decline at a macro level for years.

"We continue to implement our ‘Maximize B2B’ restructuring plan, which is already delivering results," Vassalluzzo wrote. "ODP intends to push forward with this initiative."

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