FTC Rejects Staples' $6.3B Takeover Of Office Depot

The FTC hinted in early December that the deal might not be approved because of antitrust concerns.

Staples' acquisition of Office Depot might be in jeopardy after the Federal Trade Commission rejected the company's latest offer. 

Staples made the announcement, saying it is "confident in its legal position" and "looks forward to a full and impartial judicial review of the matter." (Video via Staples

Staples agreed to buy Office Depot for $6.3 billion in February 2015, but it still needed federal antitrust approval. (Video via Office Depot)

The FTC hinted at rejecting the proposed deal in early December, saying it would violate antitrust laws "by significantly reducing competition nationwide in the market for 'consumable' office supplies sold to large business customers for their own use."

This video includes images from Getty Images.

Featured Stories
Japanese-Americans registering for work, under the Work Corps plan for evacuees

75 Years Ago: An Executive Order Sent 120,000 Japanese Into Internment

Rep. Elijah Cummings

Trump To Meet With Black Caucus After Unorthodox Back And Forth

Matt Damon starring in "The Great Wall"

After Making Millions in China, 'The Great Wall' Flops In US Theaters

Now Watching
FTC Rejects Staples' $6.3B Takeover Of Office Depot
Want to see more stories like this?
Like Newsy on Facebook for More Company News Coverage