NEW YORK • Office Depot Inc. said Wednesday it agreed to buy OfficeMax in an all-stock deal that would transform office supply retail sector.
Boca Raton, Fla.-based Office Depot Inc. and Naperville, Ill.-based
OfficeMax said 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, based on Office Depot's $5.02
per share closing price Tuesday, giving the deal a total value of about
$1.2 billion. OfficeMax had about 86.7 million shares outstanding as of
Oct. 26, according to SEC filings.
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Office Depot, OfficeMax agree to merge : Business