Staples, Inc. (SPLS) - NASDAQ
  • Tue, May 10, 7:09 PM
    • In a quick response after news broke of a preliminary injunction blocking a merger between Office Depot (NASDAQ:ODP) and Staples (NASDAQ:SPLS), Office Depot says it won't appeal the ruling.
    • That means the two will terminate their merger effective May 16.
    • “While we are respectful of the Court’s decision to grant the FTC’s request for a preliminary injunction to prevent our merger with Staples, we are disappointed by this outcome and strongly believe that a merger would have benefited all of our customers in the long term," said Office Depot CEO Roland Smith.
    • "We do not intend to appeal the Court’s decision and the two companies plan to terminate the merger agreement effective May 16, 2016."
    • Smith added that after the formal deal termination, Office Depot would host an investor call May 16 to "discuss next steps in our go-forward strategy."
    • After-hours trading was halted due to volatility with Office Depot down 26.3% and Staples down 10.1%.
    • Updated 7:19 p.m.: Staples adds its statement. It will pay Office Depot a $250M break-up fee, and terminate its plan to sell $550M in large corporate contract business to Essendant. It will increase focus on North America midmarket customers, explore strategic alternatives for Europe, and launch a $300M cost-cutting plan.
    | Tue, May 10, 7:09 PM | 45 Comments
  • Tue, May 10, 6:44 PM
    • Office Depot (NASDAQ:ODP) has nosedived, -26.3% after hours, and Staples (NASDAQ:SPLS) down 5.4%, as a District Court judge issues a preliminary injunction blocking their $6.3B merger, according to Reuters.
    • Options traders were ready for some volatility as they awaited today's ruling, on whether the court would grant a request from the FTC to hold off on the deal until an administrative judge could review it.
    • While this is a preliminary injunction, any drawn-out litigation could end up killing a deal.
    • Trading in the shares has been halted at those marks.
    • Updated 6:55 p.m.: It doesn't look good for the buyout, since Staples CEO Ron Sargent had said in March he would likely scrap the plan if Judge Emmet Sullivan granted this preliminary injunction.
    | Tue, May 10, 6:44 PM | 15 Comments
  • Tue, May 10, 1:26 PM
    • The judge in the case pitting the FTC against merger partners Office Depot (ODP -3.2%) and Staples (SPLS +0.6%) is expected to announce his decision in the case sometime after 4:30 p.m. ET today.
    • Shares of both companies are up more than 20% over the last few months amid some early positive signs that the judge is favorable to allowing the office supply store combination to move forward.
    | Tue, May 10, 1:26 PM
  • Fri, Apr. 22, 9:05 AM
    • Staples (NASDAQ:SPLS) nominates three new directors to jump on the board of the company.
    • Curtis Feeny (Voyager Capital director), Deb Henetta (ex-Procter & Gamble), and John Lundgren (Stanley Black & Decker CEO) are the three execs that Staples has in mind to help tackle the integration of Office Depot (NASDAQ:ODP) if the merger clears regulatory and legal hurdles.
    • Shares of Staples are down 4.2% on the week as investors try to get a read on how a judge will rule in the FTC case.
    • Now read: Office Depot Shares Are Cheap With Or Without The Merger
    | Fri, Apr. 22, 9:05 AM
  • Thu, Apr. 21, 3:53 PM
    • The FTC is prepping to challenge the merger between Office Depot (ODP -2.2%) and Staples (SPLS -2.9%) even if a judge doesn't grant the agency an injunction to block the deal, according to CTFN.
    • A May 10 in-house administrative hearing has been set.
    • Now read U.S. Tries To Alter Amazon Testimony
    | Thu, Apr. 21, 3:53 PM | 8 Comments
  • 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, 10:06 AM | 1 Comment
  • 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. 20, 5:17 AM | 9 Comments
  • 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
    | Wed, Apr. 6, 11:48 AM | 9 Comments
  • Tue, Apr. 5, 1:36 PM
    • Staples (SPLS -0.8%) didn't call any witnesses as it wrapped up its argument on why the court should issue a summary judgement in its favor in the FTC case.
    • By most accounts, the judge accepts the Amazon defense used by attorneys with Staples. A final decision is anticipated to come down this month.
    • Shares of SPLS are up 14% over the last month, while ODP has shot up 40%.
    • Now read Will Amazon Crush This New Market? 
    | Tue, Apr. 5, 1:36 PM | 1 Comment
  • 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 
    | Mon, Apr. 4, 11:12 AM
  • Mon, Apr. 4, 2:28 AM
    • Staples (NASDAQ:SPLS) has found a new use for some of its roomy office-supply stores.
    • The retailer is joining other chains including Sears and Macy's that have carved off sections of their outlets as rentable office space in an effort to improve store productivity and to give shoppers another reason to stop by.
    • Staples is expected to unveil a new partnership with startup Workbar today to open communal workspace at three Boston-area stores.
    | Mon, Apr. 4, 2:28 AM | 1 Comment
  • 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.
    | Tue, Mar. 29, 9:24 AM | 10 Comments
  • 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.
    | Mon, Mar. 28, 10:09 AM | 2 Comments
  • Wed, Mar. 23, 5:38 PM
    | 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
    | Wed, Mar. 23, 4:53 PM | 9 Comments
  • Fri, Mar. 18, 8:15 AM
    | Fri, Mar. 18, 8:15 AM | 3 Comments
Company Description
Staples, Inc. engages in the provision of office supplies retail. It offers a range of products of copy and print and technologies through an integrated retail and online shopping. It operates through the following segments: North American stores and online, North American commercial, and... More
Sector: Services
Industry: Specialty Retail, Other
Country: United States