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Last updated: February 20, 2013 8:05 a.m.

Office Depot, OfficeMax plan merger

Associated Press

NEW YORK – 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 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 said that if the deal closes it would likely benefit the largest office supply player, Staples Inc., because the combined entity will likely close stores.

© Copyright 2013 Associated Press. All rights reserved. Neither this material nor its presentation may be published, broadcast, rewritten or redistributed.
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