Feb 22 Office Depot Inc, which will
acquire rival OfficeMax Inc, said the chief executives
of both companies would be appointed co-CEOs of the combined
The office supplies retailers will establish a selection
committee consisting of an equal number of independent directors
to identify successor CEO candidates, Office Depot said in a
regulatory filing on Friday.
Office Depot said on Wednesday it would acquire smaller
rival OfficeMax in a $976 million all-stock deal but did not say
who will lead the company or where it will be based.
The combined company will have dual headquarters in Boca
Raton, Florida and Naperville, Illinois, Office Depot said on
Friday. Both companies will continue to operate under their
existing names, until a new headquarters and a new name for the
businesses is approved by the board.
In case of termination of the merger agreement, either
company may be required to pay the other a termination fee of
Shares of Office Depot closed at $4.21, while that of
OfficeMax closed at $12.27 on the New York Stock Exchange on