Office Depot (ODP) tumbles as company buys Office Max
Posted on February 20, 2013 at 11:09 AM EST
Office Depot Inc. (NYSE: ODP) shares plummeted 7.6% to $4.54 as Office Depot said Wednesday it will buy Office Max in an all-stock deal of about $1.2 billion. The companies posted gains yesterday following a report in The Wall Street Journal that the two office-supply retailers were in talks to merge. Share volume was 4.8 million, compared to an all-day average of 962,000
