With the balance sheet adjustment from the Lehman deal - book value just jumped to over $12/share. I continue to believe this might be a $18-20 stock in a very short time. If merger talks heat up - could jump even higher than that.
My guess is that private equity will look to acquire both Office Max and Office Depot. My guess is that they would look to acquire OMX for $12 a share and OPD for $6 a share. Both OMX and ODP would not be able to pull off a merger with out PE.