Staples, Inc. (Nasdaq: SPLS) entered into a definitive agreement to acquire Office Depot, Inc. (Nasdaq: ODP) from Starboard Value LP, InterWest Partners LLC, Fidelity Management & Research Company and Putnam Investment Management, LLC for approximately $6.4 billion on February 4, 2015. Under the terms of the agreement, Staples, Inc will pay $7.25 in cash and 0.2188 of a share in Staples stock for each holder of share, Office Depot restricted stock awards and restricted stock units. Staples obtained financing commitments from Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Barclays Bank PLC for a $3 billion ABL credit facility and a $2.75 billion 6-year term loan. The transaction will also be financed through cash. As on August 13, 2015, Australian Competition and Consumer Commission will not oppose Staples' proposed acquisition of Office Depot but still needs to be endorsed by regulatory agencies in the United States, the European Union and Canada. The deal will terminate if not completed by November 4, 2015 or if extended then February 4, 2016. European Union has extended their investigation by about three weeks to March 2, 2015. In the event of termination, Staples will pay a termination fee of $250 million and Office Depot will pay $185 million. Following the closing of the transaction, Staples' Board of Directors will increase in size from 11 members to 13 members and include two Office Depot directors approved by Staples and Ron Sargent will continue to serve as Staples' Chairman and Chief Executive Officer. The transaction is subject to customary closing conditions, including expiration or earlier termination of any applicable waiting period and approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, regulatory approval and Office Depot shareholder approval, effectiveness of the Form S-4 registration statement relating to the Staples common stock to be issued in the merger and listing of the Company common stock to be issued in the merger on Nasdaq. An on May 18, 2015 a prospectus of Staples and a proxy statement of Office Depot filed with the Securities and Exchange Commission. The closing of the transaction is not subject to financing conditions. The transaction has been unanimously approved by Board of Directors of Office Depot and Staples. Ministry of Commerce of the People's Republic of China approved the transaction on June 11, 2015. The deal is expected to close by the end of 2015. The transaction is expected to be accretive for the first year. As of March 30, 2015 The Federal Trade Commission has requested additional information from Staples Inc. and Office Depot Inc. in connection with the pending merger. On April 8, 2015, notice seeking clearance from Commerce Commission - New Zealand was filled. As On May 19, 2015, Office Depot asks the shareholders to vote in favor of the transaction at the annual stockholders meeting to be held on June 19, 2015. On April 17, 2015, Commerce Commission announced that it would finalise its decision by May 30, 2015. As of June 5, 2015, Commerce Commission has given clearance. On June 19, 2015, Office Depot shareholders approved the transaction. As on July 24, 2015, the approval by Federal Trade Commission is expected to be received before end of year 2015. On August 28, 2015, Staples and Office Depot have entered into a timing agreement with the Federal Trade Commission pursuant to which Staples and Office Depot have agreed not to close the proposed merger until at least forty-five full calendar days after each company has certified substantial compliance with the second request. As on September 25, 2015, The European Commission suspects the transaction could increase prices and lower competition in the global office supply market, and it announced that it would open an in-depth investigation. The fate of 2000 workers at Office Depot, Inc., has not yet been determined. As on November 11, 2015, the European Commission, Office Depot, Inc. and Staples, Inc. agreed to a 15 working day extension of the deadline for the completion of the Phase II review of the proposed acquisition of Office Depot by Staples under the EU Merger Regulation. As on November 25, 2015, the European Commission, Office Depot and Staples mutually agreed to an additional five working day extension of the deadline for the Phase II review. If an early decision is not granted, the European Commission will have until March 9, 2016 to make a final decision. As of October 12, 2015, Staples Inc agreed with the Federal Trade Commission to extend the review period for its takeover of Office Depot Inc. The regulator would issue its decision on the pending deal by December 8, 2015. As of December 7, 2015, the Competition Bureau filed an application with the Competition Tribunal raising concerns over the transaction. Also the U.S. Federal Trade Commission filed a lawsuit seeking to block the transaction. As of December 21, 2015, Federal Trade Commission had rejected Staples's raised offer to divest up to $1.25 billion of commercial contracts to secure approval for its acquisition of Office Depot Inc. The rejection has been made without making a counteroffer. At the same time, Staples is pursuing the transaction through litigation. On February 10, 2016, the deal was approved from European Commission. Marco Valla of Barclays PLC (LSE: BARC) acted as financial advisor to Staples. Mark G. Borden, Jay E. Bothwick, William Caporizzo, Scott Kilgore, Justin Ochs, John Sigel, Kim Wethly, Andrew Bonnes, Ciara Baker, Stephanie Singer, Brett Bromann and Byron Crowe of Wilmer Cutler Pickering Hale and Dorr LLP and Michael Aiello, Frank Martire, Adam Templeton, Steven Newborn, Steven Bernstein, Vadim Brusser, Brianne Kucerik, Diane Sullivan, Megan Granger and Rishi Satia of Weil, Gotshal & Manges LLP acted as legal advisors to Staples. Ken Berliner. Andrew L. Quigley and Joseph C. Stein III of Peter J. Solomon Company acted as financial advisors to Office Depot. Mario Ponce, Sebastian Tiller, Ryan Song, Andrew Edelen, Brian Steinhardt, Richard Fenyes, Kevin Arquit, Matt Reilly, Andrew Lacy, Michael Naughton, Peter Herrick, Bill Kearney, Andrea Levine, Preston Miller, Jonathan Kelley, Brian Robbins, Jamin Koslowe, Alisa Tschorke, Nadine Mompremier, John Creed, Taylor Alexander, Lori Lesser, Genevieve Dorment, Adeeb Fadil and Louise Kruger of Simpson Thacher & Bartlett LLP acted as legal advisor to Office Depot. Richard Brand and Clement Smadja of Kirkland & Ellis LLP acted as legal advisors for Peter J. Solomon Company. Charles Tingley, Jim Dinning and Adam Fanaki of Davies Ward Phillips & Vineberg LLP acted as the legal advisor to Staples, Inc. John Horner of Quigg Partners acted as legal advisor to Office Depot. Sarah Keene and Troy Pilkington of Russell McVeagh acted as legal advisor to Staples. Tony Reeves, Frances Dethmers and Yong Bai of Clifford Chance acted as legal advisors for Staples. Staples, Inc. (Nasdaq: SPLS) cancelled the acquisition of Office Depot, Inc. (Nasdaq: ODP) from Starboard Value LP, InterWest Partners LLC, Fidelity Management & Research Company and Putnam Investment Management, LLC for approximately $6400 million on May 10, 2016 as federal judge blocked the deal, saying the government had made the case that the combination would likely hurt competition in office supplies.