Office Depot Shareholders Vote in Favor of Staples Offer

Office Depot Inc. said its shareholders voted overwhelmingly in favor of the $6.3 billion buyout offer from larger rival Staples Inc., in a deal that would combine the two largest U.S. office suppliers. Office Depot said 99.5 percent of the votes cast were in favor of the deal at a shareholder meeting on Friday. The approval is yet another step in the creation of an office supply megastore in the face of increasing competition from online rivals and big-box stores that also sell core office supplies, such as paper and ink toner, at cheaper prices.