Office Supply Retailers Tumble On Merger Announcement
Office Depot (ODP) said Wednesday it agreed to buy smaller rival OfficeMax (OMX) in an all-stock deal valued at $1.2 billion, confirming a merger inadvertently announced earlier in the day. But Wall Street wasn't impressed. OfficeMax shares shot up 9.5% early, but reversed to trade down 5% in early-afternoon trade. Office Depot sold off nearly 15%. Office supplies industry leader Staples (SPLS) saw its shares lose more than 7%. The losses erased
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