Office supply companies OfficeMax and Office Depot have reached an agreement to merge into one superstore. The all-stock deal, which values OfficeMax at some $976 million, would create a firm worth $18 billion in combined annual revenue.
Under the terms of the "merger of equals," shareholders of Naperville, Ill.-based OfficeMax will receive 2.69 shares of stock in Boca Raton, Fla.-based Office Depot. Because it is structured as an all-stock transaction, the reorganization is tax-free, according to the companies. It would also produce annual cost savings between $400 million and $600 million within three years of the deal’s close, they said.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
