UPDATE: Office Depot (ODP) Agrees to Buy OfficeMax (OMX) in All-Stock Deal

February 20, 2013 7:17 AM EST Send to a Friend
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(Updated - February 20, 2013 7:21 AM EST)

Office Depot, Inc. (NYSE: ODP) agrees to Buy OfficeMax (NYSE: OMX). The deal is valued at $13.50 per share, or $1.2 billion.

UPDATE - From the Office Depot quarterly report:

On February 19, 2013, the Company entered into a definitive merger agreement with OfficeMax Incorporated, pursuant to which the Company and OfficeMax would combine in a tax-free, all-stock merger transaction. At the effective time of the merger, the Company would issue 2.69 new shares of common stock for each outstanding share of OfficeMax common stock. In addition, at the effective time of the merger, the Company’s board of directors will be reconstituted to include an equal number of directors designated by the Company and OfficeMax. The parties’ obligations to complete the merger are subject to several conditions, including, among others, approval by the shareholders of each of the two companies, the receipt of certain regulatory approvals and other customary closing conditions.




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