UPDATE: January 12, 2021: Office Depot on Monday acknowledged that it had received Staples' offer and said its board is "carefully reviewing" it with the help of … FTC Requests More Information From Staples, Office Depot Regarding Merger Second request for documents in connection with pending $6.3 billion deal to combine the two Andy Braithwaite - 3 February 2021. A government lawsuit, however, quashed the deal. Staples also tried to acquire Office Depot … It is Staples’ second attempt in nearly five years to buy Office Depot. Email. In 2016, the Federal Trade Commission blocked its offer of $6.3 billion. New York (CNN Business)Staples is once again proposing to buy rival Office Depot in a $2.1 billion deal, five years after the US government squashed their prior merger agreement. Think an article needs a correction? Amazon’s rise could help pave the way for Staples-Office Depot merger, finally Sycamore Partners proposes $2b deal to bring the office supplies giants together under one corporate roof . Jan 19 2021, 6:24 PM Jan 19 2021, 8:34 PM January 19 2021, 6:24 PM January 19 2021, 8:34 PM (Bloomberg) -- The parent of Office Depot said it’s open to a potential tie-up with Staples, but only if it can avoid the regulatory pushback that derailed their last merger attempt. Staples is once again proposing to buy rival Office Depot in a $2.1 billion deal, five years after the US government squashed their prior merger agreement. Framingham-based USR Parent Inc., which owns Staples, is … Staples did … New Zealand branch closures It announced a reorganization plan that would see it close or consolidate distribution facilities and retail stores while reducing the number of its employees by approximately 13,100 positions by the end of 2023. Office Depot, though, has said it's not fully on board with a merger anyway. On May 16, 2016, Office Depot announced that the merger agreement between Staples and Office Depot had been terminated. Staples' motto must be "If at first you don't succeed, try try again." The independents have proven resourceful, though. In a letter to the board of directors of Office Depot’s parent company, ODP Corp., Staples’ parent company, USR Parent, proposed acquiring 100% of the outstanding common stock of ODP in an all-cash transaction. Since Staples was willing to eject the B2B portion of Office Depot's business if they merged, and Office Depot says it's willing to sell the rest of the company other than the B2B business, but not merge, this might be a case in which the third time is the charm and antitrust regulators can finally sign off on the deal. However, the issue that hung up their merger with regulators was the commercial contract market, from which both retailers each derived about 40% of their revenues. Staples just made its latest takeover bid for Office Depot — and it’s hoping the third time’s a charm. Office Depot has rejected a proposed acquisition bid from Staples, parent company of Top 40 promo distributorship Staples Promotional Products (asi/120601), but is open to an alternative deal. But Tucker worries a Staples-Office Depot combo could put some of his 600-plus members out of business. As expected, though, Amazon has proven to be the significant threat the retailers had feared. The Florida-based office … Staples and Office Depot agreed to merge in 1996. Staples’ earlier push to buy Office Depot (now ODP Corporation) for $6.3 billion faced antitrust scrutiny, and the deal was called off in mid-2016. Jennifer Merton, a legal expert at the University of Massachusetts Amherst’s Isenberg School of Management, speculates that federal regulators might see a Staples-Office Depot combination as a way to rein in the seemingly unstoppable Amazon. To fend off regulatory concerns, Staples would accept a divestiture of ODP’s business-to-business operation to a third-party buyer. Staples is once again proposing to buy rival Office Depot in a $2.1 billion deal, five years after the US government squashed their prior merger agreement.. Staples’ earlier push to buy Office Depot … Staples first tried to purchase Office Depot in 2016 for $6.3 billion, but the deal was called off due to antitrust concerns. Google Tag Manager Feb 01, 7:06 PM EST Hey folks, I'm stepping in to pinch hit (and that's the last sports metaphor you'll ever hear from me), so let's get to the final Agency Brief in the month that was January 2021. It’s a trend that was underway long before COVID-19, but it accelerated in 2020. Jan. 19, 2021 7:35 AM ET The ODP Corporation (ODP) By: Clark Schultz, SA News Editor Office Depot (NASDAQ: ODP ) turned down an unsolicited takeover offer from Staples… Office Depot rejected a takeover offer from its archrival Staples on Monday, instead offering a counterproposal that it said would invite less scrutiny from antitrust regulators. Staples once again made a move to merge with competitor Office Depot, this time through a $2.1 billion acquisition deal via their parent companies. Office Depot rebuffed an unsolicited takeover offer from Staples but indicated it is open to an alternative deal, the latest twist in a yearslong dance between the office-supply retailers. Staples is once again proposing to buy rival Office Depot in a $2.1 billion deal, five years after the US government squashed their prior merger agreement.. (CNN) – Staples is hoping their offer to buy Office Depot sticks this time. 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