!! Staples/Essendant/SP Richards News !!
The Staples acquisition of Essendant continues to move forward. We still do not have any definitive indication of when the FTC will make their decision but the expectation of folks I have spoken to is no later than sometime in November. Dealers that have spoken to the FTC all agree that it appears the FTC is not going to block the acquisition, but will impose conditions on Staples to insure a firewall between Staples and Essendant. That is just supposition based on their conversations so accept it for what it’s worth.
Staples CEO Sandy Douglas has written a letter to Essendant and also granted an interview to OPI, click to access. Essendant senior executives Ric Phillips, President and CEO, and Harry Dochelli, President of Business Products, wrote a letter to their first call dealers expounding the virtues of the Staples acquisition and referenced the letter as definitive proof that Staples is all about helping independent dealers. Not to be outdone, SP Richards folks are circulating a letter to them from Paul Donohue, President and CEO of Genuine Parts, and Rick Toppin, President and CEO of SP Richards, that makes clear Genuine Parts Company’s commitment to SP Richards and independent dealers, click to access. We are definitely popular these days!
Those are the facts as we know them today and will continue to update you as we learn more.
We look forward to seeing you in New Orleans at EPIC 2018.