7:43 AM 02/04/15
(Reuters) – Staples Inc (SPLS.O), the No. 1 U.S. office supplier, agreed to buy nearest rival Office Depot Inc (ODP.O) in a $6.3 billion cash-and-stock deal to better compete against online and big-box retailers.
Staples said it would pay $7.25 per share in cash and 0.2188 of its shares for each Office Depot share.
The offer, which is likely to face close antitrust scrutiny, values Office Depot at $11.00 per share, based on Staples closing price on Feb. 2, the last trading day prior to media speculation that a deal was near.
The offer price is a premium of 44 percent to Office Depot’s Monday’s close.
Online retailers such as such as Amazon.com Inc (AMZN.O) and big-box chains such as Wal-Mart Stores Inc (