Office Depot Inc. agreed to buy OfficeMax Inc. for $1.17 billion in a bid to revive a retailer that has been losing sales to online rivals and Staples Inc., the largest U.S. office-supplies chain.
Office Depot will issue 2.69 new shares for each outstanding OfficeMax common share, the companies said today in a statement. Based on Office Depot's closing price yesterday, that values OfficeMax at $13.50 a share, 26 percent higher than it closed at on Feb. 15, before reports the companies were in talks to combine.
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Brand Source Predicts Increase in Retail Sales
February 20, 2013
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After amassing sales in consumer electronics and appliance that were better than the industry average last year, Brand Source executives expect the next two years to generate better revenues and profits for their dealers.
