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Private equity firm Sycamore Partners - which has scooped up a slew of struggling retail chains in recent years, including Talbots, the Limited and most recently Ann Taylor - acquired Staples in 2017. The attorney said the FTC is reviewing mergers now by looking at their market shares pre-pandemic, and not what has happened in the last nine months But that should have little impact on this merger review, according to a DC antitrust attorney who spoke on the condition of anonymity. Meanwhile, it’s expected to argue that its combined retail chains no longer pose a monopoly threat given the increased availability to toners and ink cartridges for consumers.Īmazon likely has gained ground on Staples and Office Depot in the business-to-business market since the pandemic, since more people are working from home. On Monday, however, Staples signaled that it is willing to sell Office Depot’s commercial-business unit to satisfy regulatory concerns. In 2016, the FTC blocked a second proposed deal, that time on fears that the two retailers would combine their lucrative business units that cater directly to companies, raising prices for corporate customers.Īt the time, the FTC had argued that Staples and Office Depot would control 70 percent of the business-to-business market, with the next largest competitor only less than five percent. In 1997, the Federal Trade Commission blocked a proposed merger on fears that the combined chains would hold a monopoly over the US office-supplies market. Regulators twice before have successfully stopped Staples from acquiring Office Depot, each time for different reasons.
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The retailer said in a statement its board of directors was reviewing the offer and will consider potential regulatory stumbling blocks to the deal, including antitrust challenges. Office Depot shares on Monday surged 19 percent to $44.14 on the surprise buyout offer. The owner of the office-supplies giant said Monday it has offered $2.1 billion, $40 a share, for its longtime rival and could go hostile in March by making a tender offer if Office Depot refuses to engage in talks. Staples just made its latest takeover bid for Office Depot - and it’s hoping the third time’s a charm. New Jersey woman arrested for attacking Staples customer over mask dispute Old Board’way: NYC stores batten down the hatches ahead of election day Office Depot rejects Staples takeover offer, sends counterproposal Based on Staples closing price on February 2, the deal values Office Depot at 11 per share, a 44 premium over the companys closing price on February 2, the day before media speculation broke.
DID STAPLES BUY OFFICE DEPOT TRIAL
The FTC has 20 days within which to determine whether to issue the administrative complaint, which would challenge the merger on antitrust grounds and mark the beginning of the administrative trial process.Crypto firms pay massive price tags to name arenas as sports teams weigh risks The federal court decision paves the way for the Commission staff to issue an administrative complaint to permanently enjoin the merger. Cary, argued in court that the Staples/Office Depot merger would violate federal antitrust laws by substantially reducing competition in the retail sale of office supply superstores in various markets throughout the country where each firm directly competes against each other. On March 10, the FTC authorized its staff to seek a federal district court order to prevent Staples from acquiring Office Depot. According to the FTC, office supply superstores, unlike any other retail stores selling office supplies in the United States, offer consumers the convenience of one-stop shopping for a wide variety of office supplies, computers and computer related products, and office furniture at deep discount prices. Staples and Office Depot are two of the three largest office supply superstores in the country. "Consumers have won today," said William J. The Federal Trade Commission's Competition Director today applauded the federal district court opinion in the Staples and Office Depot case. On Wednesday, Staples ( SPLS) announced that it will acquire smaller rival Office Depot ( ODP) - Get ODP Corporation Report for about 6.3 billion in cash, capping an end to activist investor.
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It also may limit their post-merger growth prospects.
• News and Events Show/hide News and Events menu items Its the changing spending patterns of small business owners like Thomas Kean that helped prompt Staples Inc