On Monday, the Federal Trade Commission (FTC) announced that they will attempt to block the acquisition of Office Depot, Inc. by Staples, Inc. Are you wondering what this means? Or, what has happened so far, and what will happen in the future?
Look no further! We’ve gathered the major milestones and decisions for you. Check out the information listed below to learn more about the acquisition process so far.
- February 4, 2015: Staples, Inc., announces acquisition of Office Depot, Inc.
- May 15, 2015: U.S. Securities and Exchange Commission (SEC) filing by Staples
- June 5, 2015: Commerce Commission of New Zealand approves acquisition
- June 11, 2015: China’s Ministry of Commerce approves acquisition
- June 19, 2015: Office Depot shareholders approve company’s acquisition
- August 13, 2015: Australian Competition and Consumer Commission approves acquisition
- August 28, 2015: Staples, Inc. and Office Depot, Inc. have certified substantial compliance with the Request for Additional Information (the “Second Request”) from the FTC
- October 12, 2015: Initial regulatory review deadline. Staples and Office Depot announce they mutually agree with the FTC to extend review period for the acquisition
- December 7, 2015: FTC announced they are going to attempt to block the acquisition of Office Depot, Inc by Staples, Inc.
So, what will happen next? The FTC will file two different actions – a preliminary injunction in federal court and a complaint with an administrative law court. The purpose of filing the injunction/restraining order is to try to make sure that Staples and Office Depot do not close on the merger prior to the complaint being heard.
Both Staples and Office Depot announced on Monday that they will fight the FTC on the injunction/restraining order. The preliminary injunction order decision should take place around April 2016, and the FTC complaint (if needed) taking place later in May, 2016.
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