Shares of Staples Tumble as Starboard Pushes for Merger

Shares of Staples (SPLS) fell on Tuesday as Starboard steps up its push for a merger with Office Depot (ODP), making it TheStreet's Move of the Day. Staples received a letter Tuesday from activist investor Starboard Value urging the company to merge with rival office supply retailer Office Depot. Staples will reportedly reject the investor's call for a merger, and is concerned that the Federal Trade Commission will block the deal because it would affect competition in the industry. Starboard Value has a 6.1% stake in Staples, and a 9.9% stake in Office Depot. TheStreet's Kurumi Fukushima reports from New York.