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US: Office Depot, Staples CEOs to testify in FTC case against merger

By  |  March 29, 2016

Office Depot CEO Roland Smith and Staples CEO Ron Sargent are scheduled to testify this week in Washington, D.C., in the Federal Trade Commission’s court challenge to Staples’ $6.3 billion acquisition of Office Depot.

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    Court documents show Smith and Sargent as the last two witnesses on the list this week in U.S. District Court before Judge Emmet G. Sullivan. Also testifying will be Shira Goodman, president of North American Operations for Staples.

    Staples and Office Depot, which employs about 2,000 at its headquarters in Boca Raton, are battling to complete the acquisition that Office Depot shareholders approved last May. The FTC voted in December to oppose the merger, saying it would harm competition and drive up prices for bulk purchasers of office supplies.

    Staples and Office Depot contend their merger will save money as they face growing competition from Amazon and discount retailers. In an effort analysts say is meant to address the FTC’s concerns, the companies have offered to transfer $550 million in large company contracts to Illinois wholesaler Essendant.

    Full content: Sun-Sentinel

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