Office Depot will take over OfficeMax in a $1.9 billion all-stock transaction by the end of the year, the companies announced Wednesday.
Well, that’s not quite what they said; in their formal announcement they called it a “merger of equals.” But the fact is, OfficeMax shareholders will receive 2.69 shares of Office Depot stock for each OfficeMax share, so Office Depot will be the name on the buildings.
“OfficeMax and Office Depot will have equal representation and governance rights on the combined company’s Board of Directors and equal input on key decisions,” the announcement said. “With an all-stock merger, OfficeMax and Office Depot stockholders will benefit proportionately from the synergies achieved as a combined company.”
Etcetera and so forth and so on.
The idea is, the merger will position the companies to rival their larger competitor, Staples.
That’s what this investor parlance means:
“The combined company will be well positioned to optimize its shared multichannel sales platform and distribution network, primarily in North America. Together, the companies will provide a wide array of services and solutions that enable customers to work more efficiently and productively. By implementing best practices in sales, operations and management, the combined company is expected to be better able to compete with the many online retailers, warehouse clubs and other traditional retailers that are placing a greater emphasis on office product sales.”
The deal has been approved by both companies’ boards of directors. It still needs shareholder and regulatory approval.
Henry Mayo Newhall Hospital reported two additional deaths from COVID-19 Monday, bringing the total number to 204 since the onset of the pandemic, confirmed spokesman Patrick Moody. (One of those deaths was recorded Sunday).
Los Angeles County Assessor Jeff Prang announced a corroborative effort with County Public Health officials that will include free COVID-19 vaccinations, booster shots, and PCR testing at three District Offices on Monday Jan. 24, Wednesday Jan. 26 and Sunday Jan. 30.
The Castaic Union School District is proud to announce that the Jene Fielder Trust Scholarship Program is now accepting applications. The program is open to past and present students of Castaic Middle School.
The Los Angeles County Department of Animal Care and Control will teams up with Best Friends Animal Society to encourage county residents to “Live Large” with Adopt a Big Dog Special Discounts for large dogs through Jan. 31.
The California High-Speed Rail Authority Board of Directors today unanimously approved the Final Environmental Impact Report/Environmental Impact Statement for the approximately 14-mile Burbank to Los Angeles project section.
Experience Helen Hunt Jackson’s January 23, 1882 visit to Rancho Camulos which inspired her to include this vestige of the Californio lifestyle as one of the settings for her novel Ramona. Reenactors will engage and delight you as they portray this event which forever changed the peaceful life at Rancho Camulos.
Coming off a first-place winning streak at competitions in New York and Washington, D.C., earlier in 2021, the CSUN Model United Nations team continues to accumulate achievements after scoring another first place finish with the Outstanding Delegation Award in the Northwest Model UN Conference, which took place Nov. 19-21 in Seattle.