The two companies announced the happy news in a joint statement — they’re already doing business things together! — that “the U.S. Federal Trade Commission has unconditionally cleared the companies’ proposed merger of equals.”
That means they’ll start off their marriage on the right foot — none of that “Well, remember what the FTC said before we got married, that I’m the more organized one? This is all your fault.”
They’re not wasting any time, either, as the companies say they expect to “complete the transaction” after market close on Nov. 5, a scant four days away, if everything goes right. It should — the FTC had said before that since the market has changed so much since both companies started out (cough cough, Internet, cough) that there’s not a likely risk for a monopoly.
Both OfficeMax and Office Depot expressed how over the moon about the upcoming nuptials they both are with rather long-winded statements. Hey, save it for your vows!
“We have been preparing for the integration for the past several months and are delighted that, with this key regulatory milestone now complete, we have taken another step in our path to becoming a combined company,” said Neil Austrian, Chairman and CEO of Office Depot. After going on for a bit more, he adds that the two are confident that the merger will “benefit our customers,” as well as shareholders.
OfficeMax just can’t wait to get to the honeymoon suite.
“We are very pleased to receive FTC clearance, which positions us to consummate this much-anticipated and transformative merger,” said Ravi Saligram, President and CEO of OfficeMax. He also is excited to begin “capturing cost synergies.” Bow chicka bow bow.