News Summary: Office Depot, OfficeMax to combine
Office Depot and OfficeMax agree to combine in a $1.2 billion stock deal
OFFICE ENGAGEMENT: Office Depot and OfficeMax, the No. 2 and No. 3 office supply chains, said Wednesday they have agreed to combine in an all-stock deal worth about $1.2 billion.
TAKING ON THE GIANT: If the deal is approved by shareholders and regulators, the companies it will create a stronger competitor to industry behemoth Staples. It reflects the changing retail landscape as "big box" stores have become outmoded and more people shop online.
WHAT'S YOUR NAME: The combined company's name, CEO and corporate headquarters have not yet been determined. The deal is expected to be complete by the end of the year.
