Office Depot Inc and smaller rival OfficeMax Inc will combine in a $1.2 billion all-stock deal, the companies said on Wednesday, confirming an agreement inadvertently announced earlier in the day, before it was completed.OfficeMax shareholders will get 2.69 Office Depot common shares for each share they own. At Tuesday's closing prices, the deal would be valued at $13.50 per share, or $1.17 billion, based on 86.7 million shares outstanding as of Oct. 26.Office Depot shares rose 9.4 percent to $5.49 in early trading, while OfficeMax was up 5.7 percent at $13.74.Early on Wednesday, Office Depot posted an earnings press release to its website that included details of the deal. It later pulled that statement down, as a source familiar with the situation said it was a draft and that the deal was not yet done.
Office Depot, Inc. (Office Depot) is a global supplier of office products and services. Shares of ODP traded higher by 9.16% or $0.46/share to $5.48. In the past year, the shares have traded as low as $1.51 and as high as $6.10. On average, 6317940 shares of ODP exchange hands on a given day and today's volume is recorded at 14447883.
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