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Moody's Investors Service ("Moody's") today affirmed Staples, Inc.'s B1 Corporate Family Rating and B1-PD Probability of Default ratings. Moody's also assigned a B1 rating to the company's proposed $3.2 billion seven year senior secured term loan, a B1 rating to its proposed $750 million seven year senior secured notes, and a B3 rating to its proposed $1.375 billion eight year senior unsecured notes.
WASHINGTON—A new-look Federal Trade Commission saw its first partisan split in a merger case late Monday, with a Republican majority allowing office-supply giant Staples Inc. to acquire office-supply wholesaler Essendant Inc. over Democratic objections that the FTC should do more to stop questionable deals. The sparring over the $483 million transaction revealed some of the early political contours of a commission whose five leadership positions all turned over last year. The FTC’s two new Democrats suggested that their GOP counterparts were being too cautious—and too credulous in accepting companies’ arguments about mergers producing more efficient firms. Andrew Harrer/Bloomberg News FTC Chairman Joseph Simons is a Republican and longtime antitrust lawyer.
Staples, which is owned by private-equity firm Sycamore Partners, is in the process of buying Essendant for about $482.7 million. The FTC said in a complaint filed with a proposed consent agreement that the deal could have given Staples “access to commercially sensitive business information on Essendant’s reseller customers,” which could affect Staples prices.
The U.S. Federal Trade Commission said on Monday it had approved with conditions the proposed $482.7 million merger of office supply distributors Staples Inc and Essendant Inc. "Staples, which is ...
Pzena Investment Management leader Richard Pzena (Trades, Portfolio) disclosed on Dec. 14 he trimmed his Essendant Inc. (ESND) stake by 15.10%. Warning! GuruFocus has detected 3 Warning Signs with ESND. According to GuruFocus real-time picks, Pzena sold 589,121 shares of the Illinois-based company for an average price of $12.55 per share.
The Deerfield, Illinois-based company said it had a loss of 12 cents per share. Losses, adjusted for one-time gains and costs, came to 14 cents per share. The workplace supplies distributor posted revenue ...
Genuine Parts is bolstering its investment in last year's blockbuster acquisition with two new purchases in Europe.
Genuine Parts (GPC) receives an agreement termination notice from Essendant. After a three-day match period, the merger agreement is going to end.
Staples-owner Sycamore Partners filed documents with regulators Monday that would be required should it successfully win its pursuit of workplace wholesaler Essendant.