Today's premature announcement that Office Depot is buying OfficeMax was confirmed earlier today. The news was inadvertently announced before it was completed.
Meanwhile, the Markit Team was having a timely chat about just the topic. Which office supply store we favored (for unbranded supplies of course 🙂
Just before lunch, we were putting together a list of office supplies we needed and got into a discussion about which store to swing by for our file hangers and printer ink. Staples or Office Max?
Office Max is closer to the office (and near the lunch drive through), but I've got a $10 coupon for Staples in my wallet. Where was that Staples anyway? Would it cost me more than ten bucks to use my coupon?
Online shopping is easier but when you've got something to print and you're out of ink, someone's running tot the store. Oh yes, and we are commercial printers so it is kind of like the cobbler's kids having no shoes – I get it.
No sooner had we determined getting back to the office with food was the priority, the announcement was made about the big merger between Office Max and Office Depot. We didn't even have Office Depot on our radar – or in our lunch pick up route.
In Office Depot's effort to compete with online retailers and the US mega office giant, Staples, this $1.17 billion bid should revive Office Max.
According to Bloomberg. "Office Depot will issue 2.69 new shares for each outstanding OfficeMax common share, the companies said today in a statement. Based on Office Depot’s closing price yesterday, that values OfficeMax at $13.50 a share, 26 percent higher than it closed at on Feb. 15, before reports the companies were in talks to combine."