Federal approval of Staples’ acquisition of office superstore rival Office Depot remains on hold as the Federal Trade Commission has asked Staples to improve its offer to divest assets, Reuters reported on Thursday, December 17.
Staples representative Diane Sullivan said the office superstore has offered to divest $500 million in commercial contracts, a move the FTC rejected as inadequate, the report said.
In early December, the FTC filed a motion to stop the deal, saying Staples acquisition of Office Depot would hurt big customers that have national contracts to buy office supplies. The $6.3 billion deal between the office superstores was first announced in February.
The report also noted that Canada’s Competition Bureau has said that it would challenge the proposed deal.