Staples Inc. and Office Depot Inc. said Wednesday that they plan to extend the closing date for their tie-up by three months, as the merger continues to face opposition from U.S. antitrust regulators.

The companies said extending the termination date from Feb. 4 to May 16 will allow them to complete ongoing litigation with the Federal Trade Commission.

The FTC filed a lawsuit in December to block the deal, arguing that a tie-up of the last large national office-supply chains would eliminate important competition.

The lawsuit alleged the transaction would mean higher prices and fewer options for big companies that buy office supplies in bulk.

Staples Chief Executive Ron Sargent said in a news release that the company is committed to the deal and looks forward to "a full and impartial judicial review."

Staples and Office Depot said they are working to extend financing terms for the deal, after which they can officially extend the termination date.

Office Depot's shares edged up 0.6% to $5.07 a share in premarket trading. Staples' cash-and-stock offer for Office Depot was worth $11 a share when the deal was announced. Staples shares were inactive.

Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com

(END) Dow Jones Newswires

January 20, 2016 09:05 ET (14:05 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
Staples, Inc. (NASDAQ:SPLS)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Staples, Inc. Charts.
Staples, Inc. (NASDAQ:SPLS)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Staples, Inc. Charts.