OfficeMax and Office Depot, Inc. announced the signing of a definitive merger agreement under which the companies would combine in an all-stock merger of equals.
The agreement comes after the two companies have struggled to compete with Staples.
In northern Delaware, OfficeMax closed all stores, with Office Depot operating one store. Staples has continued to operate stores throughout the state. The chains have largely driven out small office supply stores .
The combined company, which would have had pro forma combined revenue for the 12 months ended December 29, 2012 of approximately $18 billion.
Under the terms of the agreement, OfficeMax stockholders will receive 2.69 Office Depot common shares for each share of OfficeMax common stock.
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