|Published:||Feb 20, 2013 7:49 AM EST|
|Updated:||Feb 20, 2013 10:24 AM EST|
NEW YORK (AP) - 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.
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