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Office Depot, OfficeMax Agree to Merge

by KREX News Room
by Jacklyn Thrapp

Story Created: Feb 20, 2013 at 8:31 AM MDT

Story Updated: Feb 20, 2013 at 8:31 AM MDT

NEW YORK (AP) - 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.

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