It probably won't happen for months - if then. The deal has to get approval from the government. Even then there could be shareholder lawsuits to contend with.
If it doesn't happen, ODP will drop like a rock and probably go under. The company couldn't make a profit even if it were the only player in the industry. This has to be one of the worst run businesses in the U.S.
If you own shares, I suggest that if it pops again, sell and don't look back. I have missed he boat two times now. If it rows back my way, I am not going to miss it again. My sell order is in place.