OfficeMax shareholders to vote on Office Depot deal
From today's SEC Live filings digest:
OfficeMax Incorporated (OMX) shareholders are set to vote on July 10th, 2013, regarding a merger agreement between OfficeMax and Office Depot. The agreement, announced on February 20th, is set to close by year’s end, with many details of the merger still yet to be decided and finalized. The merger will involve Office Depot issuing 2.69 shares of common stock for each outstanding share of OfficeMax. OfficeMax, with over 900 stores, does annual sales of approximately $7B each year, while Office Depot does $11B each year. The two companies will combine forces as it strives to compete with its largest competitor, Staples, which earns $24B in annual sales.