Staples, Office Depot Holders OK Merger

Shareholders approved Staples Inc.’s proposed acquisition of rival Office Depot Inc., leaving the fate of the $4.5-billion transaction in the hands of a federal judge. The votes had been postponed several times as the companies fought an antitrust lawsuit by the Federal Trade Commission, alleging that the merger of the two office-supply superstores would result in higher prices in markets where the two compete head to head. A federal judge in Washington, where the case was heard, is expected to rule by the end of the month on the FTC’s request for a court order banning completion of the acquisition until a full-scale administrative trial can be held. Separate shareholder meetings were held for Staples in Westborough, Mass., and for Office Depot in Delray Beach, Fla., where the companies are based. Staples shares lost 44 cents to close at $22.44 on Nasdaq, while Office Depot shares rose 12.5 cents to close at $18.125 on the NYSE.