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OfficeMax Inc.

5:35 p.m.

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/zigman2/quotes/210598184/realtime

2,223.99

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-90.08 -3.89%

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2,223.99

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2:59 a.m. Jan. 14, 2022 - By Ciara Linnane
ODP Corp. delays public company separation to review a new bid for its consumer businessThe ODP Corp. said Friday its board has decided to delay its plan to split into two companies to give it time to evaluate the potential sale of its consumer business. The office supplies retailer approved a plan for a tax-free spin off to its shareholders last May that would separate ODP from Office Depot. Then in November, it got an offer from USR Parent Inc., parent of Staples and a portfolio company of private-equity firm Sycamore Partners, for its consumer business, including Office Depot and OfficeMax retail stores business, the Company's direct channel business (officedepot.com), and the Office Depot and OfficeMax intellectual property, including all brand names, for $1 billion in cash. "The company remains in conversation with Sycamore as it further evaluates the potential value and regulatory risk of Sycamore's proposed transaction," it said in a statement. In December, it received another bid from a third party but declined to specify the size of that offer. "We look forward to further evaluating the potential sale of ODP's consumer business to determine whether a sale may provide greater value for our shareholders than a public company separation," CEO Gerry Smith said. "If the consumer business is not sold, then ODP's Board of Directors will reevaluate the advisability and timing of the public company separation." Shares have fallen 10% in the last 12 months, while the S&P 500 has gained 22.8%.
4:20 a.m. June 4, 2021 - By Tomi Kilgore
ODP stock rallies after Staples makes $1 billion bid for Office Depot, OfficeMax parent's consumer businessShares of ODP Corp. rallied 5.1% in premarket trading Friday, after the office supplies retailer received an unsolicited $1.0 billion bid from Staples parent USR Parent Inc. to buy ODP's consumer business, which includes the Office Depot and OfficeMax retail stores business. USR Parent, which is backed by Sycamore Partners, sent a letter to ODP's board of directors proposing the acquisition, which is valued at $18.27 a share. ODP's stock closed Thursday at $44.57 to represent a market capitalization of $2.39 billion. USR said recently it was , after O from USR for the entire company. "We believe our proposal represents a compelling opportunity for [ODP] and its shareholders," USR wrote in its letter. "We look forward to working with the Company to negotiate and sign the necessary definitive agreements for the proposed transaction, and to proceed to closing the transaction as soon as practicable." ODP shares have run up 52.1% year to date, while the S&P 500 has advanced 11.6%.
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