Its confirmed the two companies OfficeMax (NYSE: OMX) and Office Depot (NYSE: ODP) said their merger officially closed on Tuesday. The two companies frequently mistaken for one another, publicized in a joint press release that they have closed what they describe as a “merger of equals.
OfficeMax Earnings Fall, Merges with Office Depot – November 6, 2013
Sluggish economic conditions coupled with reduced sales of technology products and soft margins in the Contract business resulted in lower-than-anticipated third-quarter 2013 results at OfficeMax that merges with Office …
The mereged entity will be known as Office Depot, trading on the New York Stock Exchange under the same ticker (ODP). Their combined sales is about $17 billion in the year that ended in September and have about 66,000 employees. Office Depot (NYSE: ODP) holds the No. 7 spot in the Top 500, while OfficeMax (NYSE: OMX) ranks at No. 11.
Draft of press release says Office Depot Inc. said on Wednesday it had reached a definitive deal to buy smaller rival OfficeMax Inc.
The current CEOs of both companies will share the top job at the combined company until a replacement can be named. Accordingly, with regards to the headquarters the companies will also keep their dual headquarters until everything has been settled down.
Timing is Everything — FTC Clears Office Max/Office Depot #Merger http://t.co/jHu084MGJo @Schiff_Hardin #law