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Office Depot shareholders say ‘yes’
Boca Raton, Fla. — A deal that would leave the nation with one giant office-supply retailer is one step nearer to completion.
Office Depot shareholders have voted overwhelmingly in favor of the proposed $6.3 billion buyout offer from rival Staples Inc., with 99.5 % of the votes cast in favor of the merger.
Staples proposed to acquire Office Depot in February in a cash-and-stock deal. Under the deal, Office Depot shareholders will get $7.25 per share in cash and 0.2188 of a share in Staples stock for each Office Depot share held.
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Staples/Office Depot deal awaits FTC action
Office Depot shareholders approved of the company’s acquisition by Staples in a vote that will prove to be largely symbolic if federal regulators determine a deal involving two direct competitors is not in the best interest of consumers.
Office Depot agreed to be acquired by Staples on Feb. 4 and on June 19 a preliminary vote total showed that 99.5% of shareholders approved of a deal that involves them receiving $7.25 in cash and 0.2188 of Staples stock for each share of Office Depot stock.
