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Office Depot (ODP) Stock is Declining After Extending FTC Review Period for Staples Merger

NEW YORK (TheStreet) -- Shares of Office Depot (ODP - Get Report) are down by 1.5% to $6.58 in afternoon trading on Monday, after the company agreed with the Federal Trade Commission to extend the review period for its proposed $6.3 billion merger with rival Staples (SPLS).

The regulators will decide on the deal by December 8, the companies said.

On August 28 Office Depot and Staples submitted additional information to the FTC and agreed not to close the transaction for at least 45 days, according to Reuters.

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The merger has already been approved by regulators in China, Australia and New Zealand, with regulators in the EU, U.S. and Canada still reviewing the deal.

Separately, TheStreet Ratings team rates OFFICE DEPOT INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation: