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UPDATE -- Pzena Investment Management Opposes Staples's Acquisition of Essendant

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NEW YORK, Sept. 13, 2018 (GLOBE NEWSWIRE) -- As Essendant's (NASDAQ:ESND) largest shareholder, Pzena Investment Management believes that the proposal from Staples to acquire Essendant at $12.80 a share does not constitute a superior offer to the proposed merger with SP Richards, a subsidiary of Genuine Parts Company (NYSE:GPC), nor does the offer of $12.80 adequately value the company independent of the SP Richards transaction. For that reason, Pzena Investment Management does not intend to support the Staples proposal as it currently stands if and when it is presented to shareholders.

About Pzena
Pzena Investment Management, LLC is a value-oriented investment management firm.  Founded in 1995, Pzena Investment Management has built a diverse, global client base.  More firm and stock information is posted at www.pzena.com.

Contact: Gary Bachman, 212-355-1600 or bachman@pzena.com.

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