Staples Surges as Office Depot/OfficeMax Close to deal
Staples (SPLS) Surges as Office Depot/OfficeMax Close to a Deal
February 19, 2013 8:21 AM EST
Dividend Yield: 3.8%
Revenue Growth %: +96,551.4%
Staples, Inc. (NASDAQ: SPLS) is jumping higher early Tuesday in response to reports Monday that rivals OfficeMax, Inc. (NYSE: OMX) and Office Depot (NYSE: ODP) are in advanced talks to merge.
The news could put the spotlight back on Staples as a takeover target itself. In the recent past, rumors were present that private equity firm could target the company with a price tag of $20 per share mentioned. In addition, a merger of OfficeMax and Office Depot could lead to some store closings, which would benefit Staples in some locations.
Shares of Staples last traded at $14.75, up 13.9%.