Office Depot, OfficeMax agree to merge

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Posted: Wednesday, February 20, 2013 12:00 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 said holders of OfficeMax shares would 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 could likely benefit the largest office supply player, Staples Inc., because the combined entity will likely close stores.

© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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