The office-supply chain suggested it was open to a joint venture with its rival Staples.
Previous merger offers were blocked by regulators in 2016 and 1997.
The office supply company outbids Genuine Parts with a $487 million offer as it seeks to push further into business-to-business services.
More than 4 in 10 companies have an enterprise-wide automation strategy in place, with finance leading the way, a survey shows.
The office supply chain company is seeking to pivot after its failed bid for Office Depot.
The sale to Hilco Capital is part of Staples' strategy of focusing on North American operations amid dwindling demand for traditional office products.
Staples lost $766 million during a quarter when it booked nearly $1 billion in charges including the merger breakup fee.
The company announced further cost-cutting measures, including the closure of an additional 300 stores in North America.
The two office supply giants scuttled their proposed $6.3 billion merger after a judge said regulators had shown it would be anticompetitive.
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As a standalone company, Staples has "limited ability to reverse declines in sales and EBITDA over the forecast horizon," Fitch warns.
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