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Office Depot, OfficeMax agree to merge

Posted at: 02/20/2013 7:51 AM
By: Associated Press

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 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 Inc. because the combined entity will likely close stores.