Office Depot Inc will acquire smaller rival OfficeMax Inc 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.The combined entity's name, headquarters and CEO are all undetermined, an unusual level of unresolved detail that points to the integration challenge the companies face. Office Depot shares plunged 18 percent, dragging down the value of the deal.A source familiar with the situation said the deal was not yet completed when the news first broke around 7:30 a.m. EST (1230 GMT) on Office Depot's website in an earnings release that contained certain merger details. Confirmation only came about two hours later.In a presentation to analysts, Office Depot Chief Executive Officer Neil Austrian said the company's webcast provider inadvertently issued the press release "way ahead" of schedule. Thomson Reuters acknowledged that one of its units was responsible for the premature release.
Office Depot, Inc. (Office Depot) is a global supplier of office products and services. Shares of ODP fell by 22.71% or $-1.14/share to $3.88. 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 108827568.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI fell by 0.16% or $-0.05/share to $30.84. In the past year, the shares have traded as low as $26.20 and as high as $31.18. On average, 808677 shares of TRI exchange hands on a given day and today's volume is recorded at 1009654.
Thomson Reuters Corporation (Thomson Reuters) is a provider of information for the world?s businesses and professionals. Shares of TRI traded higher by 0.32% or $0.1/share to $31.39. In the past year, the shares have traded as low as $26.65 and as high as $31.29. On average, 883436 shares of TRI.TO exchange hands on a given day and today's volume is recorded at 995269.
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