Wed, Apr. 20, 10:06 AM
- Office Depot (ODP -7.6%) and Staples (SPLS -2.5%) are both sharply lower with a judge's ruling expected in the case against the FTC today over the planned merger.
- Court watchers sensed a shift in the tone of the judge during final arguments. There was considerable pushback from Judge Sullivan against many of the points put forward by attorneys with Staples and Office Depot.
- Previously: Staples-Office Depot merger nears end? (April 20)
- Now read FTC Should Reverse Itself On Office Depot/Staples Merger
Wed, Apr. 20, 5:17 AM
- U.S. District Judge Emmet Sullivan has heard the closing arguments in the government's antitrust challenge to the planned merger of Staples (NASDAQ:SPLS) and Office Depot (NASDAQ:ODP), and must decide whether to issue a preliminary injunction to block the tie-up.
- Winning the order would likely kill the deal since companies struggle to hold mergers together during lengthy litigation.
- Sullivan also noted that the legal standards governing the case gave him a somewhat limited role, a fact that could benefit the FTC.
Wed, Apr. 6, 11:48 AM
- A judge tells the FTC that it should talk to attorneys with Staples (SPLS +2.7%) and Office Depot (ODP +1.7%) before the parties reconvene on April 19 for final arguments in the government's case seeking to block the office chain merger.
- Legal watchers think the trial has gone exceedingly well for Staples so far, although further divestitures may still be necessary to clear the final merger hurdle.
- Now read FTC Should Reverse Itself On Office Depot/Staples Merger
Mon, Apr. 4, 11:12 AM
- Attorneys with Staples (SPLS -1.1%) are debating if they will need to call CEO Ron Sargent and his counterpart at Office Depot (ODP -2.4%) in the trial against the FTC, according to CTFN.
- The early success in the case may be enough to preclude the CEOs from testifying and being opened up to cross-examination by the FTC.
- Now read U.S. Tries To Alter Amazon Testimony
Tue, Mar. 29, 9:24 AM
- Staples (NASDAQ:SPLS) is on the verge of winning the legal case against the FTC over its bid to buy Office Depot (NASDAQ:ODP), sources tip New York Post.
- The judge in the case is expected to rule on an outright dismissal motion as earlier as next week.
- The Amazon defense by Staples appears to be working, especially after the Seattle company said it was coached by the government to lie. Usually court testimony in this type of case is sealed, but Judge Emmet Sullivan ordered it released.
- "The public ought to know that the government wanted Amazon to say some things that weren’t true," stated Judge Sullivan.
- SPLS +1.83% premarket to $11.10. ODP -1.75% to $7.31.
Mon, Mar. 28, 10:09 AM
- Office Depot (NASDAQ:ODP) is up 5.4% in early trading on more enthusiasm over the stance of judge weighing the FTC's argument against the ODP-Staples merger.
- Staples (NASDAQ:SPLS) is 1.9% higher to follow on last week's late rally.
- As more of the courtroom back-and-forth has been revealed, it's become more apparent that the Amazon argument may play for Office Depot and Staples.
- "The court exchange revealed pretty clear evidence that Amazon is, actually, well on its way to establishing a robust business in the space," notes RetailDive.
Thu, Mar. 24, 9:18 AM
Wed, Mar. 23, 5:38 PM
Wed, Mar. 23, 4:53 PM
- Dow Jones reports the judge handling the FTC's lawsuit to prevent Staples' (NASDAQ:SPLS) planned merger with Office Depot (NASDAQ:ODP) rebuked the FTC over its legal tactics, and accused the agency of pressuring Amazon to provide favorable testimony.
- Office Depot is up 5.7% after hours to $6.70. Staples is up 1.3% to $10.18.
- Prior Staples/Office Depot coverage
Tue, Mar. 22, 5:41 PM
Fri, Mar. 18, 8:15 AM
- Staples (NASDAQ:SPLS) and Office Depot (NASDAQ:ODP) take a whack at the FTC in an open letter to shareholders in which they reaffirm their commitment toward a merger..
- "The FTC’s actions to stop this transaction are based on a flawed analysis of the marketplace and a deep misunderstanding of the competitive landscape," reads the missive.
- The pro-merger argument goes on to say that 99% of customers would be unaffected by a combination of the chains.
- Previously: Office Depot and Staples disclose meeting with FTC last week (Mar. 16 2016)
- Previously: Amazon's interest in Office Depot business unit stokes merger bets (Mar. 17 2016)
Thu, Mar. 17, 9:15 AM| Thu, Mar. 17, 9:15 AM
Thu, Mar. 17, 9:01 AM
- There's buzz in the office supply sector after the New York Post reports that Amazon (NASDAQ:AMZN) may make an offer for the corporate business unit of Office Depot (NASDAQ:ODP). The e-commerce giant is seen using the ODP corporate accounts to jump-start its new office supply business.
- A deal to offload the business would clear a path for the merger between Office Depot and Staples (NASDAQ:SPLS).
- Sources tell the Post that an activist investor with a significant stake in ODP is pushing for the transaction.
- Office Depot is up 7.79% premarket to $5.67. Staples is 1.86% higher at $9.87. AMZN is tilting lower, down 0.66% to $570.50.
Wed, Mar. 16, 12:58 PM
- Staples (SPLS -0.8%) and Office Depot (ODP +1.2%) disclosed at a pre-trial conference today that they met with reps from the FTC on March 8 and March 9 to discuss a potential settlement.
- A judge in the case ruled during the proceedings that the CEOs of both companies can be in the courtroom during the trial as much they want, a potential advantage for the pair.
Fri, Mar. 4, 12:37 PM
- Staples (SPLS -1.3%) says it will walk away from the Office Depot (ODP +1.4%) merger if a judge gives the FTC the power to block the deal.
- A ruling on the FTC case is expected before May 10.
- Staples is using the "Amazon Defense" in trying to convince the judge that the ODP merger should be allowed.
- Staples spilled Q4 results earlier.
- Previously: Staples misses by $0.02, misses on revenue (Mar. 04 2016)
- Previously: More on Staples' Q4 (Mar. 04 2016)
Tue, Feb. 23, 7:25 AM
- Office Depot (NASDAQ:ODP) reported same-store sales in Q4 were flat from a year ago in the North American Retail division. The comp was -6% in the North American Business Solutions division and -5% in the International division.
- The company's gross margin rate increased 10 bps to 23.4% during the quarter, while the adjusted operating income margin rate was up 50 bps to 2.5%.
- Results were "disrupted" by the pending merger with Staples, according to execs. Office Depot is due in federal court on May 10 to defend the deal.
- Previously: Office Depot misses by $0.04, misses on revenue (Feb. 23 2016)
Office Depot, Inc. provides products, services and solutions for every workplace - whether their workplace is an office, home, school, or car. The company's core office supplies include print and document services, business services, facilities products, furniture, and school essentials. Its... More
Industry: Specialty Retail, Other
Country: United States
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