Staples Merger With Office Depot
And office depot inc.
Staples merger with office depot. Demonstrative presentation used with the direct testimony of professor carl shapiro redacted public version 6 26 mb march 23 2016. If office depot is allowed to buy staples stores it would be a backdoor way of getting the merger denied approved said ken thomas a south florida economist who wrote the ftc to object to the. The merger would involve more than 550 million in product revenues and.
Executives of the office supply giants staples inc. Said today that their proposed merger was almost certainly dead after a federal judge issued an order temporarily blocking. A federal judge on tuesday blocked staples 6 3 billion acquisition of office depot siding with regulators who argued the merger of office supply titans would reduce competition and raise prices.
The ftc issued an administrative complaint and authorized staff to seek a preliminary injunction to enjoin the transaction pending the results of the administrative proceeding charging that staples inc s proposed 6 3 billion acquisition of office depot inc. In addition office depot and staples have entered into a divestiture agreement with office supply wholesaler essendant. In statements on tuesday both staples and office depot said that they planned to move on from the failed merger.
Staples and office depot ended their merger plans after a federal judge blocked their deal because of antitrust concerns prompting shares of both companies to fall wednesday. For the second time in 19 years the two national chains argued that the best hope to salvage the big box. Plaintiff federal trade commission s briefing regarding wilson declaration redacted public version 545 85 kb.
It was a grand case of i told you so more than two years after federal regulators succeeded in blocking the merger of staples and office depot their management teams unheeded warnings of a retail retrenchment in the office supply specialty store channel have come to pass. Published wed may 11 2016 4 31 pm edt updated wed may 11 2016 4 31 pm edt. Staples office depot merger analysis filed by the federal trade commission.