Staples, Inc. (NASDAQ: SPLS) and Office Depot, Inc. (NASDAQ:
ODP) today announced the completion of financing arrangements and
the extension of their merger agreement from February 4, 2016 to
May 16, 2016. The extension allows for the completion of ongoing
federal district court litigation with the Federal Trade
Commission.
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On February 4, 2015, Staples and Office Depot entered into a
definitive merger agreement to combine as a single company. The
combined company will be better positioned to provide value to
customers, and compete against a large and diverse set of
competitors. The company expects to deliver more than $1 billion of
annualized synergies net of investments to provide increased value
to customers by the third full fiscal year post-closing. The
combined company will be better equipped to optimize its retail
footprint, minimize redundancy, and reduce costs.
About Staples, Inc.
Staples makes it easy to make more happen with more products and
more ways to shop. Through its world-class retail, online and
delivery capabilities, Staples lets customers shop however and
whenever they want, whether it’s in-store, online or on mobile
devices. Staples offers more products than ever, such as
technology, facilities and breakroom supplies, furniture, safety
supplies, medical supplies, and Copy and Print services.
Headquartered outside of Boston, Staples operates throughout North
and South America, Europe, Asia, Australia and New Zealand. More
information about Staples (SPLS) is available at
www.staples.com.
About Office Depot, Inc.
Office Depot, Inc. is a leading global provider of products,
services, and solutions for every workplace – whether your
workplace is an office, home, school or car.
Office Depot, Inc. is a resource and a catalyst to help
customers work better. We are a single source for everything
customers need to be more productive, including the latest
technology, core office supplies, print and document services,
business services, facilities products, furniture, and school
essentials.
The company has annual sales of approximately $16 billion,
employs approximately 56,000 associates, and serves consumers and
businesses in 59 countries with approximately 1,800 retail stores,
award-winning e-commerce sites and a dedicated business-to-business
sales organization – all delivered through a global network of
wholly owned operations, franchisees, licensees and alliance
partners. The company operates under several banner brands
including Office Depot, OfficeMax, Grand & Toy, and Viking. The
company’s portfolio of exclusive product brands include TUL, Foray,
Brenton Studio, Ativa, WorkPro, Realspace and HighMark.
Office Depot, Inc.’s common stock is listed on the NASDAQ Global
Select Market under the symbol ODP. Additional press information
can be found at: http://news.officedepot.com.
IMPORTANT ADDITIONAL INFORMATION
In connection with the proposed merger, Staples has filed with
the SEC a registration statement on Form S-4 that includes a
proxy statement of Office Depot that also constitutes a prospectus
of Staples. Staples filed the final proxy statement/prospectus with
the SEC on May 18, 2015. The registration statement was
declared effective by the SEC on May 15, 2015. Office Depot
mailed the definitive proxy statement/prospectus to stockholders of
Office Depot on or about May 19, 2015, and the stockholders
approved the transaction on June 19, 2015. The registration
statement and the proxy statement/prospectus contain important
information about Staples, Office Depot, the transaction and
related matters. Investors and security holders are urged to read
the registration statement and the proxy statement/prospectus
(including all amendments and supplements thereto) carefully.
Investors and security holders may obtain free copies of the
registration statement and the proxy statement/prospectus and other
documents filed with the SEC by Staples and Office Depot through
the web site maintained by the SEC at www.sec.gov.
In addition, investors and security holders may obtain free
copies of the registration statement and the definitive proxy
statement/prospectus from Staples by contacting Staples’ Investor
Relations Department at 800-468-7751 or from Office Depot by
contacting Office Depot’s Investor Relations Department at
561-438-7878.
Safe Harbor for Forward-Looking Statements
Statements in this document regarding the proposed transaction
between Staples and Office Depot, the expected timetable for
satisfying conditions to the merger, including receiving regulatory
approvals, and completing the transaction, future financial and
operating results, benefits and synergies of the transaction,
future opportunities for the combined company and any other
statements about Staples or Office Depot managements’ future
expectations, beliefs, goals, plans or prospects constitute forward
looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Any statements that are not
statements of historical fact (including statements containing
“believes,” “anticipates,” “plans,” “expects,” “may,” “will,”
“would,” “intends,” “estimates” and similar expressions) should
also be considered to be forward looking statements. There are a
number of important factors that could cause actual results or
events to differ materially from those indicated by such forward
looking statements, including: the ability to consummate the
transaction; the risk that regulatory approvals required for the
merger are not obtained or are obtained after delays or subject to
conditions that are not anticipated; the risk that the financing
required to fund the transaction is not obtained; the risk that the
other conditions to the closing of the merger are not satisfied;
potential adverse reactions or changes to business or employee
relationships, including those resulting from the announcement or
completion of the merger; uncertainties as to the timing of the
merger; competitive responses to the proposed merger; response by
activist shareholders to the merger; uncertainty of the expected
financial performance of the combined company following completion
of the proposed transaction; the ability to successfully integrate
Staples’ and Office Depot’s operations and employees; the ability
to realize anticipated synergies and cost savings; unexpected
costs, charges or expenses resulting from the merger; litigation
relating to the merger; the outcome of pending or potential
litigation or governmental investigations; the inability to retain
key personnel; any changes in general economic and/or industry
specific conditions; and the other factors described in Staples’
Annual Report on Form 10-K for the year ended January 31,
2015 and Office Depot’s Annual Report on Form 10-K for the
year ended December 27, 2014 and their most recent Quarterly
Reports on Form 10-Q each filed with the SEC. Staples and
Office Depot disclaim any intention or obligation to update any
forward looking statements as a result of developments occurring
after the date of this document.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160202006429/en/
Media Contacts:Staples:Kirk Saville, 508-253-8530orOffice
Depot:Karen Denning, 630-438-7445orInvestor
Contacts:Staples:Chris Powers, 508-253-4632orOffice Depot:Rich
Leland, 561-438-3796
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