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ODP Stock Surges on $1 Billion Privatization Deal with Atlas Holdings
ODP Stock Surges on $1 Billion Privatization Deal with Atlas Holdings
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BTCCSquare news:
ODP Corporation (ODP), parent company of Office Depot and OfficeMax, saw its shares rally 33% following news of a $1 billion acquisition by an Atlas Holdings affiliate. The $28-per-share offer represents a 34% premium to ODP's pre-announcement price, with the transaction expected to close by end-2025 pending shareholder approval.
CEO Gerry Smith emphasized Atlas' industry expertise and operational capabilities as key accelerators for ODP's B2B growth strategy. The deal will delist ODP from Nasdaq, capping a 22% YTD gain for shares that had declined 5.6% over the past year.
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