Shares of Office Depot (ODP) and OfficeMax (OMX) have witnessed a fair bit of volatility over the past trading week. On Tuesday, reports hit the news wires that a merger agreement between both firms had already been agreed upon. Later Office Depot announced the release was made pre-mature and by accident. The final confirmation of the deal took place on Wednesday.
Initially shares of both firms rallied up sharply on the news, but they have given up ground on Wednesday and Thursday. Shares of Office Depot trade with losses of 11% for the week, while shares of OfficeMax are still up some 9%.
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