In 2013, Staples was the largest office-supply company, followed by Office Depot and OfficeMax. Then Office Depot

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In 2013, Staples was the largest office-supply company, followed by Office Depot and OfficeMax. Then Office Depot proposed a merger with OfficeMax. After a seven-month investigation, the FTC approved the merger, and Office Depot purchased OfficeMax.

Two years later, in 2015, Staples proposed to merge with Office Depot. This time, after a 15-month investigation, the FTC blocked the merger. Why did the FTC’s decisions differ in the two cases?

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