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Staples (SPLS) Stock Gains on Report That Office Depot Merger Is Closer to Gaining Approval

NEW YORK (TheStreet) -- Shares of Staples (SPLS - Get Report) were gaining 1.7% to $12.83 on Monday following a report that the office supply retailer's merger with Office Depot (ODP) is closer to gaining approval.

The Federal Trade Commission recently met with a large corporate customer of Staples to discuss a solution to an antitrust issue related to the merger, according to the New York Post. The Post said information about the report came from a confidential report issued by Bank of America (BAC).

The report allegedly suggests that the FTC is interested finding a solution to any issues in the proposed merger instead of preventing Staples and Office Depot from merging.

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"We believe the FTC discussing remedies with customers is a positive versus where the market is pricing the spread as it indicates the FTC may be open to clearing the transaction," Bank of America said in the report the Post obtained.

While the...