Staples OKs Web Site Buyback

Staples shareholders approved a plan this week that converted shares of stock into Staples common stock, according to reports.

The conversion valued shares around $7 each, more than double the shares' initial price of $3.25.

The deal provoked criticism from some shareholders who thought it disproportionately benefited Staples executives. The vote had been delayed from June 11 because of shareholder court actions that required Staples to release more information about the deal.

Executives said the deal will allow Staples to better harmonize with the company's catalog and retail business.

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