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Monday, February 18, 2013

Office Depot, OfficeMax in talks to merge; deal seen soon, (NYSE: ODP)

Neuberger Berman LLC, one of OfficeMax Inc's top shareholders, would support a merger with Office Depot Inc depending on deal terms, according to a portfolio manager at the investment firm.Benjamin Nahum of Neuberger Berman told Reuters in an interview that his preference would be for OfficeMax to declare a special dividend before merging with Office Depot."In our view this would facilitate a fair deal," Nahum said.A source familiar with the matter told Reuters on Monday that third-largest U.S. office supply chain OfficeMax and larger rival Office Depot were in advanced talks to merge, and a deal could come as early as this week.

Office Depot, Inc. (Office Depot) is a global supplier of office products and services. Shares of ODP traded higher by 2.0% or $0.09/share to $4.59. In the past year, the shares have traded as low as $1.51 and as high as $4.87. On average, 5126880 shares of ODP exchange hands on a given day and today's volume is recorded at 11640883.