Dive Summary:

• A news release on Office Depot's website announced Office Depot Inc. and OfficeMax Inc. will merge in a $1.2 billion, all-stock deal that would see OfficeMax shareholders receive 2.69 shares of Office Depot for every OfficeMax share they own, or about $13.50 per share.
• However, sources say the announcement was premature and the merger is not complete.  
• If and when the merger is completed, Office Depot's board will have an equal number of directors chosen by Office Depot and OfficeMax; analysts say Staples Inc. will likely benefit most from the deal, as the newly merged companies will likely close stores.

From the article:

Office Depot Inc. and OfficeMax Inc. have agreed to merge in an all-stock deal that would transform the $21.2 billion office supply retail sector. ...