Activist investor Starboard Value LP called for office-supply chains Staples Inc and Office Depot Inc to merge, saying it would lead to greater savings. A merger will result in synergies of at least $2 billion, which would more than double operating profits, and the two chains will be more efficient at closing stores when combined, Starboard said in a letter to Staples.Office Depot declined to comment, saying it did not comment on rumors and speculation.Staples was not immediately available for comment.
Office Depot, Inc. (Office Depot) is a global supplier of office products and services. Shares of ODP fell by 1.24% or $-0.1/share to $7.94. In the past year, the shares have traded as low as $3.84 and as high as $8.91. On average, 10344800 shares of ODP exchange hands on a given day and today's volume is recorded at 1219466.
Staples, Inc. (Staples) is an office products company. Shares of SPLS fell by 1.56% or $-0.27/share to $17.08. In the past year, the shares have traded as low as $10.70 and as high as $18.33. On average, 12564500 shares of SPLS exchange hands on a given day and today's volume is recorded at 919871.
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