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Wednesday, February 20, 2013

Office Depot deal to purchase OfficeMax not yet done-source, (NYSE: ODP)

Office Depot Inc posted an online statement on Wednesday, saying it would purchase OfficeMax Inc for $1.17 billion in stock, but later pulled it down, as a source familiar with the matter confirmed the parties had not yet struck a deal.The companies' bankers and lawyers were still trying to finalize an agreement as of Wednesday morning, said the source on condition of anonymity; the press release posted earlier on Office Depot's website was a draft, and terms were not yet agreed upon.Neither Office Depot nor OfficeMax responded to requests for comment, and there was no mention of a deal on the media or investor relations pages of either company's website.The earlier statement said Office Depot would issue 2.69 new shares of common stock for each outstanding common share of OfficeMax. 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, Inc. (Office Depot) is a global supplier of office products and services. Shares of ODP remained unchanged at $5.02. 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 9508132.