This is a roundup of news that I have come across during the day. Here you can read about Staples offering to buy Office Depot for $2.1 billion, Australian lenders launch no-interest cards, a Hyatt Ziva Cancun stay cut short, Timeshare king Wyndham Destination buys Travel + Leisure for $100 million and Every NYC subway station now supports contactless payments.
Staples is once again proposing to buy rival Office Depot in a $2.1 billion deal, five years after the US government squashed their prior merger agreement. The $40-per-share offer price for Office Depot’s parent company, ODP Corp., is a roughly 60% premium over its average closing price for the last 90 trading days. The all-cash transaction, according to Staples, is a “compelling value proposition” and is a “superior to the intrinsic, standalone value” of Office Depot.
National Australia Bank, known locally as NAB, launched a no-interest credit card in September. Users get a fixed line of credit and the bank levies a monthly fee, which is refunded if the customer maintains a zero balance and doesn’t use the card. Commonwealth Bank of Australia, the country’s largest lender by market value, also unveiled a no-interest card last year.
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“We acquired Travel + Leisure, including access to their global audience of 20 million loyal followers across multiple platforms and nearly 60,000 club members, because they match our passion and purpose to put the world on vacation. Over the past 18 months, we have laid the foundation to expand our footprint beyond our core vacation ownership business and, today, we add one of the most trusted and influential brands in travel through the acquisition of Travel + Leisure. This iconic brand, along with their authoritative content and wide audience, will help accelerate and amplify the growth of new capital-light travel businesses and services, as we take the next step in expanding our reach within the global leisure travel industry,” said Wyndham Destinations CEO Michael Brown in a statement.
New York’s MTA has finished rolling out contactless payments across all the subway stations and bus lines in all five boroughs. The OMNY (One Metro New York) system allows riders to tap-and-pay for fares with smartphones, smartwatches and contactless credit and debit cards.