As of Monday night, the two companies and their advisers were still working toward a price for the deal, expected to be all-stock and originally set to be announced later in the week, one of the people said. However, the announcement could get moved up, given heightened media attention after news of the talks was reported by The Wall Street Journal on Monday, a stock market holiday, two of these people said.
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Representatives for Office Depot could not be reached for comment. A spokesperson for Office Max said it is the company’s policy not to comment on market rumors or speculation.
JPMorgan is advising Office Max, while Morgan Stanley and boutique Peter J. Solomon are advising Office Depot, according to people familiar with the talks. Office Depot hired Morgan Stanley after activist Starboard Value bought a nearly 15% stake in the struggling retailer in September….”Twitter