FRAMINGHAM (dpa-AFX) - Staples Inc. (SPLS) and Office Depot Inc. (ODP) each received a request for additional information and documentary material, often referred to as a 'second request,' from the Federal Trade Commission or the 'FTC' in connection with the proposed acquisition of Office Depot by the Company.
The second request was issued under the notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The effect of the second request is to extend the waiting period imposed by the HSR Act until 30 days after the Company and Office Depot have substantially complied with this request, unless that period is extended voluntarily by the parties or terminated sooner by the FTC.
Staples and Office Depot intend to cooperate fully with this request.
The transaction is subject to customary closing conditions, including antitrust regulatory approval and Office Depot stockholder approval, and is expected to close by the end of calendar year 2015.
In February, Staples had agreed to acquire all outstanding shares of Office Depot in a cash and stock deal. The transaction values Office Depot at an equity value of $6.3 billion.
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