Office Depot, OfficeMax Reach Merger Deal

All-stock deal valued at $1.2 billion
By Kevin Spak,  Newser Staff
Posted Feb 20, 2013 8:11 AM CST
Office Depot, OfficeMax Reach Merger Deal
In this Dec. 20, 2010 photo, an Office Depot store, near New York's Times Square, is shown.   (AP Photo/Richard Drew)

Well, that was fast. Office Depot and OfficeMax have agreed to merge, they announced today, just one day after news leaked that they were in talks to do so. It will be an all-stock deal, with OfficeMax shareholders getting 2.69 shares of Office Depot for every share they own. That puts the total value of the deal at $1.2 billion. Analysts tell the AP that the big winner here might actually be Staples, because the newly merged company is likely to close competing stores. (More Office Depot stories.)

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