Office Depot Shareholders Okay Acquisition By Staples - Quick Facts

(RTTNews) - Office Depot Inc. (ODP), which entered into a definitive agreement on February 4, 2015, to be acquired by Staples Inc. (SPLS), announced that its shareholders have overwhelmingly approved the proposal for Staples to acquire all of the outstanding shares of the company.

At the Company's Annual Meeting of Shareholders held today, 99.5 percent of the votes cast were in favor of the transaction. Additionally, all other ballot items were approved.

Final vote counts are anticipated to be released in a regulatory filing on Monday, June 22, 2015.

As per the terms of the agreement, Office Depot shareholders will receive $7.25 in cash and 0.2188 of a share in Staples stock for each Office Depot share.

The transaction is expected to close by the end of the calendar year 2015 and remains subject to customary closing conditions, including antitrust regulatory approval.