Staples Inc and Office Depot Inc Nix Merger Agreement

As we reported earlier … this is the big news of the night. We should note it is important on several front – more merger arb funds will get whacked, FTC anti trust front, stock front, capital allocation etc. Interestingly, it does not look like the companies are going to fight but bow their heads in surrender. So instead of merging the companies are now going to please shareholders the old fashion way out with synergies and in with share buybacks. See the latest press release from Staples, Inc. (Nasdaq: SPLS) and Office Depot Inc (ODP) below.