NEW YORK - Office Depot Inc. and OfficeMax have agreed to merge in an all-stock deal that would transform the $21.2 billion office supply retail sector.
Boca Raton, Fla.-based Office Depot Inc. and Naperville, Ill.-based OfficeMax say holders of OfficeMax shares will receive 2.69 shares of Office Depot for every OfficeMax share they own.
That's equal to about $13.50 per share, giving the deal a total value of about $1.2 billion.
Analyst say if the deal closes it would likely benefit the largest office supply player Staples Inc. because the combined entity will likely close stores.
Copyright 2013 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.