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Monday, February 25, 2013

CORRECTED-Office Depot, OfficeMax CEOs to stay in place pending merger (Feb 22), (NYSE: ODP)

Office Depot Inc, which will merge with rival OfficeMax Inc, said the chief executives of both companies would remain in their positions pending the appointment of a CEO of the merged company.The office supplies retailers will establish a selection committee consisting of an equal number of independent directors to identify a CEO, Office Depot said in a regulatory filing on Friday.Office Depot said on Wednesday it would merge with smaller rival OfficeMax in a $976 million all-stock deal but did not say who will lead the company or where it will be based.Until completion of the merger, Office Depot would retain its headquarters in Boca Raton, Florida and OfficeMax in Naperville, Illinois, Office Depot said on Friday. Both companies will continue to operate under their existing names until a new headquarters and a new name for the businesses is approved.

Office Depot, Inc. (Office Depot) is a global supplier of office products and services. Shares of ODP fell by 4.75% or $-0.1999/share to $4.01. In the past year, the shares have traded as low as $1.51 and as high as $6.10. On average, 9431800 shares of ODP exchange hands on a given day and today's volume is recorded at 8940103.