UPDATE 2: Office Depot and OfficeMax merger now official
By Associated Press
UPDATE 2: (NBC) -- Is there a deal or isn't there? Apparently there is.
The boards of Office Depot and Office Max confirmed Wednesday that they agreed to combine the two companies in a $1.2 billion, all-stock deal that could alter the balance of power in the office supply retail market.
The boards of both companies approved the deal after a confusing morning in which the deal was announced prematurely.
The deal, one of several large-scale acquisitions announced within the last week, had been buried within Office Depot's fourth quarter earnings release, which is not a typical way that companies trumpet a deal of this size. A source told Reuters that the statement had been a draft and that, at the time, the deal was not yet completed.
UPDATE: The New York Times is now reporting that the merger between Office Depot and OfficeMax, years in the making, was announced too hastily Wednesday morning.
A news release surfaced on Office Depot's website Wednesday announcing the merger, but has since been removed.
The negotiations are still in the works, according to sources.
NEW YORK (AP) -- Office Depot and OfficeMax have agreed to merge in an all-stock deal that would transform the $21.2 billion office supply retail sector.
Office Depot, based in Boca Raton, FL., and OfficeMax, based in Naperville, Ill., 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.
Analysts say if the deal closes it would likely benefit the largest office supply player Staples, because the combined entity will likely close some stores.
Sunday, May 19 2013 8:47 PM EDT2013-05-20 00:47:12 GMT
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