Staples shares surge after report of takeover talks

Shares of Staples surged Tuesday following a report that the office supplies retailer was in talks with potential acquirers.

Shares were up 12.9 percent to $9.78 in mid-morning trade after the Wall Street Journal, citing people familiar with the matter, reported that Staples had held talks with private-equity bidders.

The talks are at an early stage and may not result in a transaction, the newspaper added.

The move comes almost a year after a federal judge blocked a proposed merger between Staples and rival Office Depot due to antitrust problems.

Like other kinds of retailers, Staples has been hammered by rising competition from e-commerce companies like Amazon.

Staples declined in response to a query from AFP.