Office Depot, OfficeMax holders OK merger plans

Office Depot, OfficeMax shareholders approve proposed $1.2 billion merger of companies

Associated Press

BOCA RATON, Fla. (AP) -- Office Depot and OfficeMax said Wednesday that their shareholders have approved their proposed $1.2 billion merger, although they did not release details of the vote.

The office supply companies agreed to the all-stock deal in February. Both companies held special shareholder meetings Wednesday to vote on the combination.

Last month Office Depot Inc.'s biggest shareholder, Starboard Value LP, filed suit to try to force the Boca Raton, Fla.-based company to hold an annual meeting. Starboard said at the time that the pending deal with OfficeMax Inc. was not a good enough reason to not hold the annual shareholders meeting. Starboard supports the merger but is trying to install a slate of six nominees to Office Depot's board.

Office Depot held its last shareholders meeting on April 29, 2012, according to a regulatory filing. The company has said that it has taken steps to set an annual shareholder meeting "as soon as practical" after the special shareholder meeting.

The companies anticipate the deal closing by year's end and said that they continue to cooperate with the Federal Trade Commission as it reviews the transaction.

Shares of OfficeMax, based in Naperville, Ill., shed 23 cents to $10.96 in afternoon trading. Office Depot's stock fell 8 cents to $4.15.

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