What did the Federal Trade Commission FTC decide regarding the proposed merger between Staples and Office Depot?
Given the two retailers’ dominating presence in the B2B office supplies space, the FTC argued a merger would significantly reduce competition in the marketplace and negatively impact large business customers.
Are Office Depot and Staples the same company?
Retail office supplies giant Staples Friday said it plans to acquire the consumer-focused business of Office Depot, including the Office Depot and OfficeMax brand names, in a $1 billion deal that would leave Office Depot completely focused on the business-to-business market.
Does Staples Own Office Depot and OfficeMax?
Staples said Friday it had sent a letter to the board of Office Depot outlining a $1 billion offer — or $18.27 a share — for its consumer business, which includes the Office Depot chain of stores and OfficeMax. Staples, sold itself to the private equity firm Sycamore Partners in 2017 for $6.9 billion.
Is OfficeMax owned by Office Depot?
Office Depot and OfficeMax are now one company. The Office Depot merger with OfficeMax has enabled both companies to provide an even better online shopping experience and offer a wider variety of choices for office supplies, school supplies, technology and much more of their home office and office supply needs!
Who owns OfficeMax?
The ODP Corporation
Kmart
OfficeMax/Parent organizations
OfficeMax is an American office supplies retailer founded in 1988. It is now a subsidiary of The ODP Corporation, which is headquartered in Boca Raton, Florida. As of December 2012, OfficeMax operated 941 stores in 47 states, Puerto Rico, the U.S. Virgin Islands and Mexico.
Will Office Depot and Staples merge?
In May, ODP said its board has approved a plan to split the company into two publicly traded companies. Under the plan ODP will retain its retail consumer and small-business products and services division. The separation is expected to be complete by the first half of 2022.
What would happen if OfficeMax and Staples merge?
Staples had offered $40 per share for ODP, whose shares closed at $45.86 on Friday. If Office Depot, OfficeMax and Staples become one company, it’s unclear whether there would be any store closures or name changes. Staples did not immediately respond to a request seeking comment.
Will Staples appeal its merger with Office Depot blocked by FTC?
The Journal points out that Staples and Office Depot tried to merge back in 1997 and were also blocked back then. Staples’ CEO, Ron Sargent, is pretty unhappy with the outcome, saying that the FTC “fell woefully short of proving its case.” Nonetheless, the company does not intend to appeal.
What happened to Office Depot and Office Max?
Office Depot On Friday, Staples made a fourth attempt to acquire ODP, home to the combined Office Depot and Office Max, via a billion dollar offer for the company’s consumer-facing businesses. Staples and ODP’s businesses have been declining for years.
Did Staples Buy Office Depot for $1 billion?
Staples said Friday it had sent a letter to the board of Office Depot outlining a $1 billion offer — or $18.27 a share — for its consumer business, which includes the Office Depot chain of stores and OfficeMax. Staples tried to buy all of Office Depot for more than $2 billion in January, but Office Depot rebuffed those efforts.