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Office Depot to merge with OfficeMax in stock deal valued at $1.17 billion

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Office Depot flickr
Office Depot flickr

Retailer Office Depot today announced plans to buy competitor OfficeMax (no, they're actually not the same company) in an all-stock deal Bloomberg estimates to be worth $1.17 billion. Both chains also sell their fair share of electronics ranging from PCs and laptops to tablets and printers. The merger, which is likely to avoid any major scrutiny from regulators, would combine the second and third largest office supply retailers in the US; both companies lag behind rival and market leader Staples. The Wall Street Journal reported discussions of a buyout Monday.

The proposed deal would see OfficeMax stockholders receive 2.69 shares of Office Depot for each OfficeMax share they possess. Investors and federal regulators will both need to approve the merger before it becomes official. If finalized, it looks the options are about to slim down for those of you on the hunt for an office chair, résumé paper, or a Nexus 7.