How ODP Corporation Stock Rose 45.7% in January
Shares of The ODP Corporation (NASDAQ: ODP) gained 45.7% in January 2021, according to data from S&P Global Market Intelligence. The Office Depot parent received an unsolicited buyout offer, rejected it, and countered with a slightly different merger idea. Investors embraced the whole process.
On Jan. 11, ODP received a buyout proposal at $40 per share from USR Parent, which is the current parent company of rival office-supplies retailer Staples. ODP's board of directors thought about this offer for a minute, rejected it, and returned a different merger proposal the next week.
In this updated proposal, ODP suggested that Staples could join forces with Office Depot's consumer-facing retail and e-commerce operations in a new joint venture, or perhaps even a spin-out merger of some sort. ODP would hold on to its corporate office-supplies business and work toward completing the sale of the digital-services segment CompuCom.
Source Fool.com
