The merger of two losers has failed. The depository for school supplies and office kitsch from the 1990’s must remain compeitive, according to the catamites at the FTC.
In a statement issued by Staples this evening, the company reiterated their focus on recapturing the antiquated ink toner and paper markets. These statements of business focus and initiative are so unbelievable, I am shocked that the FTC didn’t let these two morons merge and fail together.
‘We are extremely disappointed that the FTC’s request for preliminary injunction was granted despite the fact that it failed to define the relevant market correctly, and fell woefully short of proving its case. We believe that it is in the best interest of our shareholders, customers, and associates to forego appealing this decision, terminate the merger agreement, and move on with our strategic plan to drive shareholder value. We are positioning Staples for the future by reshaping our business, while increasing our focus on mid-market customers in North America and categories beyond office supplies.’
The company announced a strategic plan to enhance long-term value including the following actions:The company is focused on increasing its share of wallet with existing customers and acquiring new customers. The company is increasing its offering of products and services beyond office supplies. Staples also plans to pursue market share gains in core categories like office supplies, ink, toner and paper. To support its growth plans, the company will invest in lower prices and improved supply chain capabilities and add more than 1,000 associates to its mid-market sales force. Staples will also pursue acquisitions of business-to-business service providers and companies specializing in categories beyond office supplies to build scale and credibility and accelerate growth in these areas.”
Staples will incur a $250 million break up fee and will buy back up to $100 million in stock. Is it me, or has the regulatory environment become toxic and prohibitive for mergers?
Shares of SPLS are plunging by 10% in the after-hours and ODP has been buried, off by 26%.
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Mergers? You want to talk about Mergers? Fuck mergers, the regulatory environment has become toxic even to wipe my own ass now, literally by the amount my toilet can flush. We are regulated so goddamn much now that its become one toxic cesspool of regulatory drivel just oozing out of the mouths of bureaucrats that are so out of touch with reality that they take 239 days off a year. When does it end? Someone pray tell me why the fuck was Valeant up in front of these “regulators”? Because they raised prices? Fuck that, you know how much a pack of cigarettes costs now compared to 15 years ago? Talk about raising prices. Why are they not in front of these frog brained morons explaining why the Amerikan public is being forced to pay $12 a pack for cigarettes. I could go on and on but I am being regulated to the amount of time I can spend on the internet at the moment.
Full disclosure, I don’t smoke by the way, they regulated where I could smoke so heavily that I just said fuck it 10 years ago.
Paper, toner and ink. LMAO
I heard Staples get good prices from Amazon