Why ODP Stock Popped 17% Monday Morning

Shares of The ODP Corporation (NASDAQ: ODP), known primarily for its Office Depot and OfficeMax brands, jumped 16% Monday morning after news surfaced that USR Parent (also known as Staples) offered to buy the office supplies retailer.

USR Parent presented a plan to buy ODP for $40 per share in a cash offer valued at roughly $2.1 billion. It's the latest attempt to synergize the two large office-supplies retailers, and the offer represents more than an 8% premium to ODP's Friday close, and a substantial 61% premium to its average closing price over the past three months.

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Source Fool.com