Topics

Target
Office Depot to buy OfficeMax in $1.2-billion deal
Office Depot to buy OfficeMax in $1.2-billion deal

Office Depot Inc. is buying smaller rival OfficeMax Inc. in what it’s calling a “merger of equals,” creating a heftier office-supply company to challenge industry leader Staples. In the $1.2-billion all-stock deal, OfficeMax shareholders will receive 2.69 Office Depot shares for each OfficeMax share, valued at $13.50 each. Together, the two companies said they expect to better “meet the growing challenges of a rapidly changing industry,” anticipating annual revenue of about $18 billion. Staples had $25 billion in sales in 2011. “Consumers and business-to-business customers are increasingly demanding a seamless omnichannel experience across retail...

Loading