Judge Blocks Staples-Office Depot Merger, Stocks Plunge

Staples Inc. and Office Depot Inc. both plunged in late trading Tuesday after a judge reportedly blocked the two office-supplies retailers from merging. The U.S. Federal Trade Commission had requested a preliminary injunction blocking the merger on antitrust grounds, and a judge Tuesday approved that request, according to The Wall Street Journal. The two retail chains agreed to merge in a $6.3 billion deal announced in February. The stocks were halted after plunging in after-hours trading, with Staples declining more than 10% and Office Depot dropping more than 26% before the halt.