Wednesday, February 20, 2013

Office Depot to Take Over OfficeMax

Posted By on Wed, Feb 20, 2013 at 9:07 AM

The Depot has emerged victorious in its "office war" with the Max.

Numerous media outlets reported this morning that Office Depot is poised to take over OfficeMax, and it now has Staples and Amazon in the crosshairs. The story was first hinted at last weekend by the Wall Street Journal.

Office Depot will acquire its competitor in a stock transaction, which will bring the nation's second- and third-biggest office suppliers together, creating a company with combined revenue of $18 billion, which is still below the $25 billion in sales that Staples reported in 2012.

OfficeMax, meanwhile, announced earlier in February it would spin off a controlling stake in its Boise Cascade unit to investors, in a deal that will fetch the company $129 million while retaining a 20 percent stake in the company's voting stock.

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