On Tuesday, Shares of Office Depot, Inc. (NASDAQ:ODP), gained 0.66% to $9.11, as the stock continues to gain after the company’s shareholders voted and nearly unanimously approved its $6.3 billion merger with rival Staples (SPLS).
The company said that 99.5% of the votes cast were in favor of closing the deal with Staples which was first declared in February.
Office Depot shareholders will get $7.25 per share in cash and 0.288 of a share in Staples stock for each share they own.
The deal is subject to regulatory approval in the U.S., while regulatory agencies in China and New Zealand have already approved the merger.
Office Depot, Inc., together with its auxiliaries, supplies office products and services. The company’s North American Retail division sells an assortment of merchandise, counting office supplies, technology products and solutions, business machines and related supplies, facilities products, and office furniture under various brands through its chain of office supply stores. Its North American Business Solutions division sells branded office supplies, technology products, cleaning and breakroom supplies, office furniture, and other solutions, in addition to copy and print services to small, medium, and large-sized businesses through a sales force, catalogs, telesales, and Internet sites.
Shares of ICICI Bank Ltd. (NYSE:IBN), remained flat to $10.39, during its last trading session, as financial stocks finished moderately higher Tuesday with the NYSE Financial Sector Index climbing about 0.3% and the S&P Financial 100 Index also adding around 0.3%.
ICICI Bank Limited, together with its auxiliaries, provides banking and financial services in India and internationally. The company operates through Retail Banking, Wholesale Banking, Treasury, Other Banking, Life Insurance, General Insurance, and Others segments.
Finally, American Realty Capital Properties, Inc. (NASDAQ:ARCP), ended its last trade with 0.59% gain, and closed at $8.51.
On June 17, American Realty Capital Properties, declared the appointment of Mark S. Ordan as an Independent Director and a member of the Audit Committee and the Nominating and Corporate Governance Committee of the Company’s Board of Directors (the “Board”) effective June 17.
Mr. Ordan presently serves as Executive Chairman of WP Glimcher, the surviving entity following the closing of Washington Prime Group’s acquisition of Glimcher, and will transition to Non-Executive Chairman effective January 1, 2016. WP Glimcher is a retail real estate investment trust (“REIT”) and a recognized leader in the ownership, administration, acquisition and development of mixed use, open-air and enclosed regional malls in addition to community centers. Additionally, Mr. Ordan has been CEO and held various senior-level positions during his 30-year career counting leadership positions at Sunrise Senior Living, The Mills Corporation, Balducci’s gourmet food store chain and Fresh Fields Markets. Mr. Ordan presently serves on the boards of the following nonprofit organizations: the U.S. Chamber of Commerce; the National Endowment for Democracy; the Seed School Foundation; and the Economic Club of Washington, D.C. He received his undergraduate degree from Vassar College and his MBA from Harvard University.
Korn Ferry assisted with the search and placement for Mr. Ordan’s position on the Board.
American Realty Capital Properties, Inc. owns and acquires single tenant, freestanding commercial real estate that is net leased on a medium-term basis, primarily to investment grade credit rated and other creditworthy tenants. The company principally invests in retail and office properties.
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