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US: FTC rejects Staples’ offer to divest $1.25 billion of contracts

 |  December 21, 2015

Office supply retailer Staples Inc said the US Federal Trade Commission had rejected its raised offer to divest up to $1.25 billion of commercial contracts to secure approval for its acquisition of smaller rival Office Depot Inc.

Staples, which had initially offered to divest contracts of more than $500 million, said on Monday that it was willing to continue talks with the FTC to address the antitrust regulator’s concerns.

“The FTC rejected the company’s offer without making a counteroffer,” the No.1 U.S. office supply retailer said in a statement.

The FTC moved this month to block the deal for the second time – having prevented a combination of the top two U.S. office supply retailers in 1997 – saying a deal could lead to higher prices for small commercial customers.

Full content: The Economic Times

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