Business & Tech
Office Depot Buying OfficeMax; Apple Valley Impact Uncertain
The merger is expected to close by the end of the calendar year 2013, Until then, OfficeMax and Office Depot will remain separate companies.
Office Depot will buy its competitor OfficeMax in a merger announced Friday.
The two office supply giants announced the signing of a “definitive merger” intended to “create a stronger, more efficient global provider better able to compete in the rapidly changing office solutions industry.”
Find out what's happening in Apple Valley-Rosemountfor free with the latest updates from Patch.
Mergers sometimes lead to consolidations, but at this point, the impact on Dakota County reamins to be seen. There is an OfficeMax in Apple Valley at 7361 153rd St. and an Office Depot just across the city border, at Interstate 35E and County Road 42, in Burnsville.
A store manager at OfficeMax in Apple Valley referred Patch’s inquiries about the merger to the company’s corporate headquarters.
Find out what's happening in Apple Valley-Rosemountfor free with the latest updates from Patch.
According to a news release posted on the OfficeMax website Friday:
"OfficeMax Incorporated (NYSE:OMX) and Office Depot, Inc. (NYSE:ODP) today announced the signing of a definitive merger agreement under which the companies would combine in an all-stock merger of equals transaction intended to qualify as a tax-free reorganization.
The transaction, which was unanimously approved by the Board of Directors of both companies, will create a stronger, more efficient global provider better able to compete in the rapidly changing office solutions industry.
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