Office Depot agrees to buy OfficeMax in stock deal
NEW YORK – Office Depot Inc. said Wednesday it will buy Office Depot 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. It is a 3.8 percent premium to OfficeMax's closing price of $13 on Tuesday and a 26 percent premium to OfficeMax's closing price on Friday, before word of negotiations leaked out.
If you have any technical difficulties, either with your username and password or with the payment options, please contact us by e-mail at email@example.com