Office Depot Reacts to Negative Merger Judgment

The Chairman and CEO of Office Depot, Inc. has spoken out about the court’s decision to deny the merger between US stationery giants Staples and Office Depot.

Following the U.S. District Court in the District of Columbia verdict, Roland Smith has gone on record to say that Office Depot would not appeal the court’s decision, and the proposed merger of the two companies on May 16, 2016 has been terminated.

Previously, the court granted the Federal Trade Commission’s (FTC) request for a preliminary injunction to block the proposed merger of Staples, Inc. (NASDAQ: SPLS) and Office Depot.

“We are disappointed by this outcome and strongly believe that a merger would have benefitted all of our customers in the long term,” Smith declared.

He added, “As the Staples merger process comes to an end, we look forward to re-energizing our business. We remain committed to delivering our 2016 Critical Priorities and realizing the remaining synergies and efficiencies that come from the integration of Office Depot and OfficeMax. Once the Staples merger agreement is formally terminated, we plan to host an investor conference call on May 16 to discuss next steps in our go-forward strategy.”

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