Staples Remains 'Committed' To Completing Acquisition Of Office Depot, Extends Termination Date To May 16

Shares of Staples, Inc. (NASDAQ: SPLS) sank to a new 52-week low of $8.29 on Wednesday and was trading lower by nearly 5 percent after the company provided an update on its proposed acquisition of Office Depot Inc (NASDAQ: ODP).

Staples announced that the Board of Directors of both companies intend to waive the merger agreement termination date to May 16, 2016, from its current expiration date of February 4, 2016.

Staples added that the extension allows for the "completion of ongoing federal district court litigation with the Federal Trade Commission."

Related Link: Report: FTC Has 'No Interest' In Approving Staples-Office Depot Merger

"This merger creates an unparalleled opportunity to better serve our customers and to deliver shareholder value," said Ron Sargent, Chief Executive Officer of Staples. "We are committed to completing this transaction and look forward to a full and impartial judicial review."

Shares of Office Depot also hit a new 52-week low on Wednesday of $4.84.