BOCA RATON, Fla. -- Shareholders of Office Club and Office Depot Inc. approved a previously announced merger agreement Wednesday.
The merger was completed immediately following the vote, making Office Club a wholly owned subsidiary of Office Depot.
Shareholders will receive 1.194 shares of Office Depot stock for each outstanding share of Office Club they own.
Office Depot operates 131 discount office products stores, while Office Club, headquartered in San Francisco, operates 59 retail warehouses selling office products.
