Des Plaines-based United Stationers Inc. agreed Tuesday to be acquired by rival Wingate Partners LP’s Associated Stationers Inc. for $266.6 million cash plus stock in the new venture, a small boost from last month’s offer.
The merger of United with Itasca-based Associated Stationers would widen United’s lead as the nation’s largest office-products wholesaler, creating a company with about $2 billion in annual revenue.
Under terms of the agreement, shareholders of United Stationers will receive $15.50 a share for 92.5 percent of the 18.6 million shares outstanding, with the remaining swapped for a 20 percent interest in the new company.
Shares of United on Tuesday rose $1.25, or 8.9 percent, to $15.25 on trading of 1.14 million shares, more than 16 times its three-month daily average volume.
A tentative agreement reached in January was for $15 a share for 92.5 percent of the stock, with the rest converted to a 19 percent stake, which had left some large United investors unimpressed.
A previous goal of closing the merger by the end of March is “possible, depending on the number of shares received” in the tender offer, said Kathleen Dvorak, a United spokeswoman. The companies have received antitrust clearance, she said.
