| USA Today
Staples hopes to buy rival Office Depot again.
On Monday, Staples sent a proposal to the Office Depot board of directors to acquire 1
The value of this transaction is $2.1 billion, and this is Staples’ third attempt to acquire a competitor.
Staples said in a public letter that the regulatory process may take at least six months.
Office Depot confirmed in a statement that it has received Staples’ acquisition proposal, and the board and its advisors are reviewing it.
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The letter said: “Stapler has sufficient resources to raise funds for the transaction, so our obligation to conduct transactions is not subject to financing accidents.
In May 2016, when a federal judge issued an injunction to temporarily block the $6.3 billion transaction involving antitrust issues, the proposed merger of two office supply chains was abandoned.
The government has argued that the transaction will give the combined company too much power in the commercial office supplies market.
Regulators also blocked attempts by the two companies to merge in 1997.
Staples was privatized in 2017 after being acquired by Sycamore Partners, a New York-based private equity firm.
Office Depot stated that as part of this review, it is assessing potential antitrust laws and other regulatory challenges, given that “past regulatory decisions have hindered the merger of the two companies”.
Contributors: Charisse Jones and Nathan Bomey of USA Today
Follow USA Today reporter Kelly Tyko on Twitter: @KellyTyko