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.

The merger still needs to be cleared by the Federal Trade Commission.

Staples CEO Ron Sargent has said the combined company would be based at Staples’ headquarters in Framingham, Mass., but that a "presence" would be considered in Boca Raton.