Staples extends merger agreement with Office Depot
Courtesy Staples
In a bid to allow more time for ongoing federal district court litigation to play out, the boards of Framingham-based Staples, Inc. and Office Depot have voted to extend the two office supply companies' initial merger agreement.
The original merger agreement termination date of Feb. 4 will now be extended to May 16, Staples announced Wednesday. This move comes as the two office supply companies continue to fight for the ability to merge.
On Feb. 4, 2015, Staples and Office Depot entered into a definitive merger agreement to combine as a single company. The Federal Trade Commission announced in early December it would move to block the merging of the two rival companies, saying it would reduce competition within the market and lead to higher prices.
Staples maintains that the acquisition would benefit customers as well as employees and shareholders. The company has since taken legal steps to pursue the merger while continuing to push for talks with the FTC.
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