Office Depot buys its rival

City A.M. Reporter
OFFICE Depot will acquire smaller rival OfficeMax in a $1.2bn (£788m) all-stock deal, the companies said yesterday, confirming an agreement inadvertently announced earlier in the day, before it was completed.

The combined entity’s name, headquarters location and chief executive are all still undetermined, suggesting the companies were in a rush to get the deal confirmed after a draft accidentally went up on Office Depot’s website.

Office Depot chief executive Neil Austrian and OfficeMax boss Ravi Saligram are both candidates for the top job, the US firms said.