Staples' failed $6B merger: a timeline
Feb. 3, 2015: Amid growing concerns over competition from online retailers and pressure from activist investor Starboard Value, Framingham-based Staples and Boca Raton, FL-based Office Depot announced their intention for a $6.3-billion merger.
June 5: New Zealand approves merger, marking the first country to approve the merger.
June 12: China approves merger.
June 19: Office Depot shareholders approve merger, clearing the way for final regulatory approvals of the merger.
Oct. 13: The Federal Trade Commission (FTC) delays its ruling to Dec. 8.
Nov. 25: The American Postal Workers Union raises concerns with the FTC about creating a monolithic entity akin to Godzilla that would dominate rivals in the office-supply market and create a monopoly.
Dec. 8: The FTC announces it will move to block the merger due to concerns about reduced competition. Staples quickly announced that it would fight the FTC, saying the commission had underestimated the competition in the field.
Dec. 21: Staples announces it will take FTC to court, eventually landing in U.S. District Court in Washington, D.C.
Jan. 20: Staples extends its merger agreement with Office Depot.
Jan. 27: Staples reportedly cut hundreds of corporate jobs in what analysts thought was the company preparing for a possible failure of the merger.
Feb. 11: Staples merger gets European Union approval.
Feb. 17: Staples sells off $550 million in contracts in an effort to mitigate monopoly concerns.
March 24: Staples' stock jumps as the U.S. District Court Judge Emmet Sullivan criticizes the FTC's handling of a key witness.
May 10: Sullivan issues a 75-page ruling in favor of the FTC.
May 11: Staples and Office Depot call off the merger. Staples must pay Office Depot $250 million as part of the failed agreement. The Framingham company says it will close 50 stores.
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