OfficeMax, Office Depot get FTC clearance for deal
November 1, 2013 9:48AM
NEW YORK — The proposed merger of OfficeMax and Office Depot has received clearance from the Federal Trade Commission, removing a key regulatory hurdle from the process.
The office supply companies agreed to a $1.2 billion combination in February. The agency said its seven-month investigation showed the combination isn’t likely to cause competitive harm.
The companies said Friday that they expect the transaction to close on Tuesday.
OfficeMax Inc. of Naperville operates more than 900 stores in the U.S. and Mexico. Office Depot Inc., based in Boca Raton, Fla., runs more than 1,300 stores worldwide.
They each anticipate reporting their third-quarter earnings on Monday.
Office Depot’s stock gained 21 cents, or 3.8 percent, to $5.80 in morning trading. Shares of OfficeMax rose 64 cents, or 4.3 percent, to $15.62.