Overview
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Topic: In 2013, the U.S. Federal Trade Commission (FTC) allowed the number two and number three office supply companies, OfficeMax Inc. and Office Depot, to merge. Office Depot’s market value was $1.3 billion and OfficeMax’s was $933 million. Reportedly, the efficiency gains from merging would save the new company between $400 and $500 million. However, in 2015, the FTC opposed a proposed merger valued at $6.3 billion between Office Depot and Staples, the largest office supply company, ultimately causing the merger attempt to be abandoned. Why might the FTC permit the earlier merger attempt but not the Staples–Office Depot merger?