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

Camano artist mixes flask, paintings for successful cocktail

Art flasks prove popular as bachelorette gifts, birthday presents and wedding favors.

Pentagon inspector general praises secret $80 billion bomber

US Government Accountability Office in 2016 rejected a protest filed by Boeing-Lockheed Martin.

Everett’s Sentry Credit celebrates a quarter century in business

Sentry Credit Inc. in Everett is celebrating its 25th year in business.… Continue reading

Funko donates hundreds of Pop! Heroes to Christmas House

Everett’s toy and collectibles maker Funko has donated hundreds of its Pop!… Continue reading

Donate coats for Clothes for Kids of Snohomish County

Washington Energy Services is conducting a local coat drive to benefit Clothes… Continue reading

Seattle Premium Outlets extend hours over Thanksgiving holiday

Seattle Premium Outlets will be offering extended Black Friday shopping hours in… Continue reading

Equipment rental and sales business H&E opens Mukilteo shop

Company hopes to capitalize on construction occuring in northwest Washington.

New Chick-fil-A draws dozens of campers in Bothell

A second restaurant of the popular chain is opening on Thursday.

Tulalip Resort Casino to feature locally grown hazelnuts

The resort wanted to put a focus on meals created with the nut.

Most Read