Jefferies Downgrades Office Depot (ODP) and Staples (SPLS) to Hold on Merger Termination

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Go back to Jefferies Downgrades Office Depot (ODP) and Staples (SPLS) to Hold on Merger Termination

Staples and Office Depot to Terminate Merger Agreement

May 10, 2016 7:14 PM EDT

Staples Announces Strategic Plan to Enhance Value:

- Increasing Focus on Mid-Market Customers in North America

- Exploring Strategic Alternatives for European Operations

- Initiating New $300 Million Cost Reduction Plan

- Continuing to Return Cash to Shareholders

FRAMINGHAM, Mass.--(BUSINESS WIRE)-- Staples, Inc. (Nasdaq: SPLS) today announced that on May 16, 2016, the company and Office Depot, Inc. plan to terminate their merger agreement following U.S.... More

Office Depot Responds to District Court’s Ruling on Merger with Staples

May 10, 2016 7:03 PM EDT

BOCA RATON, Fla.--(BUSINESS WIRE)-- Office Depot, Inc. (NASDAQ: ODP) today issued the following statement from Chairman and Chief Executive Officer Roland Smith after the U.S. District Court in the District of Columbia granted the Federal Trade Commissions (FTC) request for a preliminary injunction to block the proposed merger of Staples, Inc. (NASDAQ: SPLS) and Office Depot.

Smith commented:

While we are respectful of the Courts decision to grant the FTCs request for a preliminary injunction to prevent our merger with Staples,... More