Staples, Office Depot Intend To Extend Merger Agreement - Quick Facts

(RTTNews) - Office products provider Staples, Inc. (SPLS) and Office Depot, Inc. (ODP) said the board of directors of both companies intend to waive the merger agreement termination date of February 4, 2016, and extend it to May 16, 2016.

The companies noted that the extension allows for the completion of ongoing federal district court litigation with the Federal Trade Commission. The companies are working to extend financing terms for the transaction, and expect to execute the merger extension agreement once financing terms are finalized.

On February 4, 2015, Staples and Office Depot entered into a definitive merger agreement to combine as a single company. The combined 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.