Staples announced Wednesday that it will buy Office Depot in a $6.3 billion deal.
Staples will pay $7.25 in cash and 0.2188 of a Staples stock share for each Office Depot share. In a press release Wednesday, the two companies announced that the deal has been in talks since September.
The announcement comes after months of pressure from Starboard Value, an activist investor, for Staples to purchase the competitor. Starboard Value had apparently threatened to suggest a management change at Staples if it didn't try to acquire Office Depot.
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