Office Depot, OfficeMax agree to merge

Office Depot, OfficeMax agree to merge

Credit: Getty Images

SAN RAFAEL, CA - FEBRUARY 19: A sign is posted in front of an Office Depot store on February 19, 2013 in San Rafael, California. Shares for Office Max and Office Depot surged today after it was reported that the two office product retailers were in advanced merger talks and a deal could be struck as early as this week. (Photo by Justin Sullivan/Getty Images)

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by Associated Press

kvue.com

Posted on February 20, 2013 at 8:18 AM

Updated Wednesday, Feb 20 at 9:44 AM

NEW YORK (AP) -- Office Depot Inc. and OfficeMax have agreed to merge in an all-stock deal that would transform the $21.2 billion office supply retail sector.

Boca Raton, Fla.-based Office Depot Inc. and Naperville, Ill.-based OfficeMax say holders of OfficeMax shares will receive 2.69 shares of Office Depot for every OfficeMax share they own.

That's equal to about $13.50 per share, giving the deal a total value of about $1.2 billion.

Analyst say if the deal closes it would likely benefit the largest office supply player Staples Inc. because the combined entity will likely close stores.

 

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