Office Depot to buy OfficeMax in all-stock deal

Wed Feb 20, 2013 7:44am EST

Feb 20 (Reuters) - Office Depot Inc said on Wednesday it had reached a definitive deal to buy smaller rival OfficeMax Inc in a bid to get more clout with suppliers and better compete against rival Staples Inc.

In the all-stock deal, Office Depot will issue 2.69 new shares of common stock for each outstanding common share of OfficeMax.