A tip for Ron Sargent

The proposed merger of CE with Lyreco, could turn out to become an ever bigger and better price for Staples. Obviously Staples will have to pay more, but arguably they get a better company in return. If Staples would indicate that they are willing to pay EUR 9.00 per share for either CE stand alone or the merged company with Lyreco, it would create instant additional value for the Lyreco shareholders of EUR 100 million. If Staples would include the vendor note in the all cash offer, it would be even better for Lyreco shareholders, because they would generate about EUR 440 million additional immediate cash from the deal. Where the services of Mr. Ventress would probably not be required anymore after the acquisition, it may make sense for Mr. Sargent to offer Mr. Bigeard a position in the board of Staples. That would make a revised offer by Staples even more appealing to Lyreco...(end of post)