OfficeMax, Office Depot shareholders OK merger

OfficeMax Inc. shareholders voted overwhelmingly Wednesday to approve the merger between the office supplies retailer and its Boca Raton, Fla.-based competitor, Office Depot Inc.

The vote was part of a special shareholders meeting in Naperville, Ill., that lasted less than 10 minutes. Approximately 85 percent of shares voted on the merger with 99 percent of them in favor of it, according to OfficeMax Chairman Rakesh Gangwal.

Office Depot shareholders also signed off on the proposed merger at the same time in Florida.

After the vote, Gangwal opened the floor to questions from shareholders. There were none, so the meeting was adjourned.

OfficeMax announced plans to merge with Office Depot, the nation’s No. 2 office supplies retailer, in February. By combining, the companies hope to generate roughly $18 billion in sales and make headway against industry leader Staples Inc.

The deal still awaits regulatory approval from the Federal Trade Commission and is expected to close by the end of the year. Also still undecided is where the combined company will be located, what it will be named, and who will lead it.

Analysts have pointed to OfficeMax CEO Ravi Saligram as a lead contender to helm the merged companies. In an interview with the Chicago Tribune after the special shareholders’ meeting, Saligram said he was flattered by the confidence and would love to accept the job, if it is offered to him.

“The important thing to do is what’s right for shareholders and to get to the right decision,” he said. “Meanwhile, I remain very focused, as my associates are, on the job at hand.”

Visit the Chicago Tribune at www.chicagotribune.com

More in Herald Business Journal

Happy accident leads Edmonds couple to make Hunniwater drink

The latest line of energy drinks by Karin and Eric… Continue reading

Single payer is no panacea for our costly health care system

We must address the cost of health care before designing an insurance system.

Voters are on the sidelines as the port fills a vacant seat

Troy McClelland resigned from the Port of Everett commission too late for an election before 2019.

Career Fair planned next week at Tulalip Resort Casino

The Snohomish County Career Fair is planned from 10 a.m. to 2… Continue reading

American Farmland Trust president to speak in Mount Vernon

American Farmland Trust President John Piotti plans to give a talk about… Continue reading

In new setback, Uber to lose license to work in London

The company, beset by litany of scandals, was told it was not “fit and proper” to keep operating there.

Not home? Walmart wants to walk in and stock your fridge

The retailer is trying out the service with tech-savvy shoppers who have internet-connected locks.

Trade panel: Cheap imports hurt US solar industry

The ruling raises the possibility of tariffs that could double the price of solar panels.

Agent joins Re/Max in Smokey Point

Dennis Roland joined the Re/Max Elite Smokey Point office. The Navy veteran… Continue reading

Most Read