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Staples-Office Depot Merger Collapses After Block by Judge

  • Ruling dooms marriage of biggest office-supply retailers
  • Shares of both companies plunge in after-market trading
Bloomberg business news

Staples, Office Depot Shares Plummet on Abandoned Merger

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Staples Inc. and Office Depot Inc. abandoned their merger after a federal judge sided with U.S. antitrust officials who challenged the combination of the two largest office suppliers, saying it would create an unrivaled giant.

U.S. District Judge Emmet Sullivan in Washington blocked the $6.3 billion deal late Tuesday, a victory for the Federal Trade Commission, which argued that uniting the national suppliers of pens and printer paper would harm buyers.