Staples, Office Depot And FTC Extend Review Period For Office Depot Acquisition
Staples, which participates in the promotional products industry through its Staples Promotional Products (UPIC: AMER0016) division, and Office Depot have mutually agreed with the Federal Trade Commission (FTC) to extend the review period for the Office Depot acquisition. Under the terms of the agreement, the FTC has agreed to issue its decision regarding this transaction by December 8.
“We’re pleased to reach an agreement with the FTC to extend the review period,” says Ron Sargent, chairman and CEO, Staples, Inc. “This transaction will enable us to better serve our customers and to compete in an evolving marketplace. We will continue to work cooperatively with the Federal Trade Commission.”
Staples and Office Depot entered into a definitive agreement in February 2015 under which Staples will acquire all of the outstanding shares of Office Depot. Staples began discussions to acquire Office Depot in September 2014 and, with the acquisition of Office Depot, it will have pro forma annual sales of approximately $39 billion. Regulators in Australia, New Zealand and China have approved the transaction. The two companies continue to work with regulatory authorities in the European Union, the United States and Canada.