Staples, Inc. (Nasdaq: SPLS) today announced that on May 16, 2016, the company and Office Depot, Inc. plan to terminate their merger agreement following U.S. District Court for the District of Columbia’s recent ruling granting the Federal Trade Commission’s request for a preliminary injunction to block the acquisition. Under the terms of the merger agreement, Staples will pay Office Depot a $250 million break-up fee. Staples also plans to terminate its agreement to sell more than $550 million in large corporate contract business and related assets to Essendant in connection with the termination of the Office Depot merger agreement.
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By Rob Samtmann
Managing Principal of Equity Retail Brokers – Specializing in Tenant Representation and Leasing
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Robert L. Samtmann, Jr.
I have been active in the commercial real estate industry as a Tenant Representation Broker or Landlord Representation Broker in the Philadelphia Metropolitan Area since 1995. I started with the company in 1997 and am now a managing Principal with Equity Retail Brokers.
In my career at Equity Retail Brokers, I have been fortunate to work with retailers including Starbucks, Verizon Wireless, Burger King, Halloween City, Blue Pearl, Banfield Pet Hospital, C2 Education, Thirsty Lion Pub & Grill, Kids Empire, Hapik, ServiceKing, Shop Rite Supermarkets, Shoe Carnival, Gander Mountain, BJ’s Wholesale Club, Babies R Us/Toys R Us, Lowe’s Home Improvement, Friday’s, Party City, Pep Boys, Firestone, FedEx, Movie Tavern, Pittsburgh Paints, Visions Federal Credit Union, Pet Supplies Plus, Quaker Steak & Lube, Wendy’s, PDQ, Wells Fargo, Travinia, Rite Aid, Alton Lane, Empire Beauty, Arby’s, PNC Bank, Lou Lou Boutique, Pet Valu, Primrose Schools, Red Robin, Applebee’s, Lime Fresh, Pancheros, Outback Steakhouse, Ruby Tuesday, TGI Friday’s, STS Tire, Noah’s, Oportun, Grassroots, Expedia, Ten Thousand Villages, Sleep Number, Sherwin Williams, and Kindercare.
Some of my landlord representation clients have included Kimco, RREEF (pension fund advisor), AEW (pension fund advisor), Steve Guttman (former President of Federal Realty), Audubon Land Development, Gambone Development, CW Capital Asset Management, and Excess Space.