2.9 In 2013, the number two and number three office supply companies, OfficeMax Inc. and Office Depot, Inc., were discussing merging (Anupreeta Das et al., “OfficeMax, Office Depot in Talks to Merge,” Wall Street Journal, February 18, 2013).

Office Depot’s market value was $1.3 billion and OfficeMax’s was $933 million. Purportedly, the efficiency gains from merging would save the new company between $400 and $500 million. The U.S. Federal Trade Commission (FTC) blocked an earlier attempt by Staples, the largest office supply company, to merge with Office Depot. Why might the FTC block the earlier merger attempt but not this one?