Staples and Office Depot To Extend Merger Agreement

by Katie Lee

Framingham, Mass. & Boca Raton, Fla. — Staples, Inc. and Office Depot, Inc. intend to waive the merger agreement termination date of February 4, 2016, and extend it to May 16, 2016.

The extension allows for the completion of ongoing federal district court litigation with the Federal Trade Commission. The companies are working to extend financing terms for the transaction, and expect to execute the merger extension agreement once financing terms are finalized.

“This merger creates an unparalleled opportunity to better serve our customers and to deliver shareholder value,” says Ron Sargent, CEO of Staples. “We are committed to completing this transaction and look forward to a full and impartial judicial review.”

On February 4, 2015, Staples and Office Depot entered into a definitive merger agreement to combine as a single company. It is the two companies’ intention that the combined company will be better equipped to optimize its retail footprint, minimize redundancy and reduce costs.

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SOURCE: Office Depot / Staples

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