Posted by: youngragingbull | February 20, 2013

Office Depot to acquire OfficeMax for $1.19B

Office-supplies chain Office Depot Inc. announced Wednesday morning that it will acquire rival OfficeMax Inc. in a deal worth $1.19 billion.

Office Depot said in a statement that it’s paying 2.69 Office Depot shares, or $13.50 based on its closing price Tuesday, for each OfficeMax stock.

The combined company would have an adjusted combined revenue of about $18 billion in the year ended Dec. 29. In comparison, their larger rival Staples Inc. had sales of about $25 billion.

Office Depot shares rose 9.2%. OfficeMax jumped 10%. Staples was down 1.3%.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Categories

%d bloggers like this: