Office Depot, OfficeMax Agree to Merge in All-Stock Deal

Office Depot said Wednesday it will buy OfficeMax in an all-stock deal that would transform the office supply retail sector. Boca Raton, Fla.-based Office Depot and Naperville, Ill.-based OfficeMax said 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, based on Office Depot's $5.02 per share closing price Tuesday, giving the deal a total value of about $1.2 billion.