Sycamore Partners is still in the running for the office supply chain, which is No. 22 in the B2B E-Commerce 300.

Staples Inc. has rejected a takeover offer from Cerberus Capital Management as too low, leaving Sycamore Partners in the running to acquire the office-supplies retailer, according to people familiar with the matter.

The Framingham, Mass.-based chain this week turned down the bid from Cerberus, which valued the company at more than its current market value of about $5.8 billion, said the people, who asked not to be identified because talks are private.

No final decisions have been made and past bidders could re-emerge along with new ones, the people said. Representatives for Cerberus, Sycamore and Staples declined to comment.

Staples shares rose as much as 6.5% and traded up 3.3% at $9.07 at 12:37 p.m. Thursday in New York.

Staples began considering a sale amid buyout interest after U.S. regulators blocked a deal to buy smaller rival Office Depot Inc. last year, over concerns it would have created an unrivaled giant. This month, Staples reported its first-quarter sales dropped 4.9% from the previous year to $4.1 billion as it closed 18 stores in North America during that period. It said it ended the quarter with 1,237 stores in the U.S. and 304 in Canada.

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Staples Advantage, the company’s B2B unit, is No. 87 in the 2017 B2B E-Commerce 300.

New York-based Cerberus last year agreed to buy a controlling stake in Staples’s European business, with annual sales of about 1.7 billion euros ($1.9 billion) from operations in 16 countries, according to a statement at the time. The firm, led by billionaire Steve Feinberg, manages more than $30 billion in private equity holdings, distressed debt and other credit assets, as well as real estate, according to the company’s website.

Sycamore, founded by Stefan Kaluzny and Peter Morrow, raised $2.5 billion for its second fund in 2014. Focusing exclusively on consumer companies, Sycamore’s biggest acquisition to date is department-store chain Belk Inc., which it bought for $2.7 billion, according to data compiled by Bloomberg.

The buyout firm is still in talks to raise financing for a potential Staples buyout, the people said.

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