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Office Depot, OfficeMax agree to merge

9:05 AM, Feb 20, 2013   |    comments
(Getty Images file)
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NEW YORK - Office Depot and OfficeMax have agreed to merge in an all-stock deal that would transform the $21.2 billion office supply retail sector.

Office Depot, based in Boca Raton, Fla., and OfficeMax, based in Naperville, Ill., 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, because the combined entity will likely close some stores.

(Associated Press)

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