BOCA RATON -- Office Depot will merge with OfficeMax Tuesday with the Federal Trade Commission's approval.
The companies issued a joint news release Friday morning. Both had scheduled quarterly earnings reports for Tuesday, so expectations were high that the merger announcement would be made soon.
"This merger represents a new beginning for Office Depot and OfficeMax -- one that will enable us to create a stronger, more efficient global provider better able to compete in the dynamic and rapidly changing office solutions industry," Office Depot CEO Neil Austrian stated in the news release.
Office Depot and OfficeMax as a joint company will be closer to the size and scope of industry leader Staples, but still probably be second in sales. Stock prices were up in morning trading for the two soon to merge.
Bank merger creates central Florida giant
ORLANDO -- Fast-growing Old Florida National Bank's parent company said Friday it has cleared all the approvals needed to acquire New Traditions National Bank, creating Central Florida's largest community bank.
Orlando-based Old Florida Bancshares Inc. said the $45 million stock deal was sealed earlier this week when New Traditions' board approved the merger. State banking regulators OK'd it Oct.11.
There will be no jobs cut or branches eliminated as a result of the merger, officials said. The banks plan to continue operating under separate names indefinitely to create a smooth transition for customers.
Old Florida and New Traditions "are now able to expand their services to the community and reaffirm their commitments to investing locally," Old Florida Chairman Randy Burden said in a prepared statement.
Together, the combined banks' assets total more than $1.3 billion, making Old Florida Bancshares the region's largest community bank organization.
IPO can't be contained as traders bet on retailer
Shares of the Container Store, which sells home organization products like storage bins and filing cabinets, doubled in their debut on the New York Stock Exchange. The stock climbed as high as $36.74 during the trading day, 104 percent above the initial public offering price.
Already, that initial price of $18 a share had been set at the top of an expected range -- which was increased this week, reflecting robust demand from investors. The company raised $225 million in the IPO on Thursday evening, achieving a valuation of $828 million.
The stock, which opened Friday at $35, is trading under the ticker symbol "TCS." It was trading at $36.01 as of Friday afternoon.
Although national retailers like Wal-Mart and Target, as well as online sellers like Amazon.com, sell some competing products, investors apparent
ly brushed such concerns aside and focus on the special niche that the Container Store has met since it was founded in 1978.
The company's financials suggest that its business is growing. Revenue for the fiscal year that ended March 2 rose 11.5 percent from the same time last year, to $706.8 million.
Still, the company, based in Coppell, Texas, reported a net loss attributable to common shareholders for that year.
And sales growth appeared to slow a bit this year, with revenue in the 26 weeks that ended Aug. 31 rising just 9 percent, to $343.4 million.
-- Herald wire reports