Staples (SPLS), Office Depot(ODP) scrap merger deal

A federal judge has blocked the planned tie-up of Staples (SPLS) and Office Depot (ODP) due to competition concerns, prompting the office-supply chains to abandon their roughly $6B deal. "We are disappointed by this outcome and strongly believe that a merger would have benefited all of our customers in the long term," said Office Depot CEO Roland Smith. Staples will now pay a $250M break-up fee to its smaller rival for terminating the transaction.