Following FTC Rejection, Staples To Pursue Office Depot Merger Through Litigation
The FTC rejected “without making a counteroffer” Staples’ proposal to divest up to $1.25 billion worth of "commercial contracts" to win agency approval of its deal to buy Office Depot, Staples said in a Monday statement. Staples “is still willing…
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to continue negotiations with the FTC to reach a settlement that addresses FTC concerns,” the chain said. But Staples also will pursue the Office Depot buy through litigation and “is confident in its legal position and looks forward to a full and impartial judicial review of the matter,” it said. FTC representatives didn't comment. U.S. District Judge Emmet Sullivan in the District of Columbia granted in a Dec. 8 order the FTC’s motion for a temporary restraining order barring the merger.