Please ensure Javascript is enabled for purposes of website accessibility

Office Depot and OfficeMax Complete Merger

By Eric Volkman - Nov 5, 2013 at 5:54PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The combined entity will do business under the Office Depot name.

Two companies frequently mistaken for one another, Office Depot (ODP -2.65%) and OfficeMax (NYSE: OMX), will no longer have that problem. The pair announced in a joint press release that they have closed what they describe as a "merger of equals." The news comes less than a week after the Federal Trade Commission signed off on the move.

As one, the combined entity will be known as Office Depot, trading on the New York Stock Exchange under the same ticker (ODP). It will be helmed on an interim basis by its component CEOs, Depot's Neil Austrian and Max's Ravi Saligram, until a single and more permanent chief executive is found. 

The announcement comes on the heels of the Q3 results released by its two parts today. For the quarter, Office Depot posted sales of $2.62 billion and an attributable net profit of $160.9 million ($0.41 per diluted share). Those numbers for Q3 2012 were $2.69 billion and a loss of $61.9 million ($0.25).

OfficeMax took in sales of $1.66 billion during the quarter, netting an attributable profit of $30.9 million ($0.34 per diluted share). For Q3 2012, top line was $1.74 billion and net amounted to $433.5 million ($4.92), due largely to sizable gains on the retirement of debt.

Fool contributor Eric Volkman has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

The ODP Corporation Stock Quote
The ODP Corporation
ODP
$36.81 (-2.65%) $-1.00

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
402%
 
S&P 500 Returns
129%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 08/17/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.