UBS Downgrades Staples, Inc. (SPLS) to Neutral
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Essendant's Acquisition Of Wholesale Business From Staples Called Off Due To Preliminary Injunction Ruling
May 10, 2016 8:06 PM EDTDEERFIELD, Ill., May 10, 2016 /PRNewswire/ -- Essendant Inc. (NASDAQ: ESND), a leading supplier of workplace essentials, today announced that its previously announced acquisition from Staples, Inc. (NASDAQ: SPLS) of wholesale contracts with minority and woman-owned office supply resellers and their large corporate customers representing sales of more than $550 million annually, will not close. The acquisition was contingent on the merger between Staples and Office Depot, Inc., which was preliminarily enjoined on antitrust grounds by a U.S. district court judge's ruling on May 10.... More
Staples and Office Depot to Terminate Merger Agreement
May 10, 2016 7:14 PM EDTStaples 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 EDTBOCA 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
