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Fly News Breaks for June 25, 2015
SYY, ODP, SPLS
Jun 25, 2015 | 08:50 EDT
After Staples (SPLS) and Office Depot (ODP) declined 2% yesterday following a judge's preliminary injunction to block the Sysco (SYY)/US Foods merger, Citi says shares of Staples have 20% upside should its proposed merger with Office Depot go through. If the deal is also blocked, Citi thinks Staples will fall to $9.50 and Office Depot to $4.50. The stocks closed yesterday at $15.85 and $8.89, respectively. Citi noted that its interested in seeing the details around the blocking of the Sysco deal as similar reasons may be given for why combining Staples' and Office Depot's commercial segment may be anticompetitive.
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