Office Depot, OfficeMax To Merge In $1.2B All-Stock Deal

Law360, New York (February 20, 2013, 1:37 PM EST) -- Office Depot Inc. and OfficeMax Inc. will merge in a $1.2 billion stock-for-stock merger of equals, the companies said Wednesday, hoping to compete better with big-box stores and online retailers in an industry experts say is long overdue for consolidation.

The deal, which is structured as a tax-free reorganization, will swap one share of OfficeMax stock for 2.69 shares of Office Depot stock. The implied valuation of Office Max is $13.50 per share, about a 25 percent premium to the closing price Monday, before news of...
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