Staples And Office Depot Fall Sharply After Terminating Deal

(RTTNews) - Office supplies retailers Staples (SPLS) and Office Depot (ODP) have fallen sharply during trading on Wednesday, plunging by 17.2 percent and 37.8 percent, respectively.

The steep losses come after the companies terminated their merger agreement in response to a district court granting the Federal Trade Commission's request for a preliminary injunction to block the deal.

Staples, which must pay Office Depot a $250 million break-up fee, also terminated its agreement to sell more than $550 million in large contract business and related assets to Essendant.