Staples Inc. (NASDAQ: SPLS) and Office Depot Inc. (NASDAQ: ODP) may have found another snag in how smooth this potential merger will go. The good news is that shares were not being punished on the news. There remain many questions as to whether the merger ultimately gets approved.

Staples announced that it and Office Depot have mutually agreed with the Federal Trade Commission (FTC) to extend the review period for the pending acquisition of Office Depot. The FTC has agreed to issue its decision regarding this merger transaction by December 8, 2015.

Where this is interesting is that Staples is acting as though an extended review means that the deal has not been formally killed. The market has come to the same conclusion, or so it would seem since neither stock has fallen on the news. Staples said of its agreement on Monday:

We’re pleased to reach an agreement with the FTC to extend the review period for the Office Depot transaction. This transaction will enable us to better serve our customers and to compete in an evolving marketplace. We will continue to work cooperatively with the Federal Trade Commission.

Staples went on to say that regulators in Australia, New Zealand and China have approved the transaction. Staples further said that it and Office Depot are continuing to work with the proper regulatory authorities in the European Union, the United States and Canada to get approval for this merger.

Staples shares were up 0.5% at $12.43 shortly after the opening bell on Monday. It has a 52-week range of $11.61 to $19.40 and a consensus analyst price target of $18.00. Office Depot shares were up by 0.7% at $6.73, versus a 52-week range of $4.26 to $9.77 and a consensus analyst price target of $10.38.

Unfortunately, there is just no such thing as an Easy Button in real life — nor is there one in regulatory approvals of mergers any more. Still, is it possible that the worst case scenario is already priced into both stocks?

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