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OfficeMax
Incorporated
OMX and Office Depot, Inc.
ODP today announced the
signing of a definitive merger agreement under which the companies would
combine in an all-stock merger of equals transaction intended to qualify as a
tax-free reorganization. The transaction, which was unanimously approved by
the Board of Directors of both companies, will create a stronger, more
efficient global provider better able to compete in the rapidly changing
office solutions industry. Customers will benefit from enhanced offerings
across multiple distribution channels and geographies. The combined company,
which would have had pro forma combined revenue for the 12 months ended
December 29, 2012 of approximately $18 billion, will also have significantly
improved financial strength and flexibility, with the ability to deliver
long-term operating performance and improvements through its increased scale
and significant synergy opportunities.
Under the terms of the agreement, OfficeMax stockholders will receive 2.69
Office Depot common shares for each share of OfficeMax common stock.
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