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MERGER AGREEMENT | 9 Months Ended
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Sep. 27, 2025
Business Combination [Abstract] |
MERGER AGREEMENT | NOTE 2. MERGER AGREEMENT On September 22, 2025, the Company entered into a definitive agreement (“Merger Agreement”) to be acquired by an affiliate of Atlas Holdings, which owns and operates a global family of manufacturing and distribution businesses. Under the terms of the Merger Agreement, each share of common stock, $0.01 par value, of the Company that is issued and outstanding at the date of the Merger Agreement (other than Cancelled Shares and Dissenting Shares, each as defined in the Merger Agreement) will be converted into the right to receive $28.00 per share in cash (the “Merger Consideration”) at closing. Each outstanding and unexercised option to purchase common stock will be cancelled for no consideration. Each outstanding (and, if applicable, unsettled) award of restricted stock units that is subject to time-based or performance-based vesting conditions will either vest or be converted into a cash award at the Merger Consideration amount at closing, in each case pursuant to the terms of the Merger Agreement. The Merger Agreement includes customary representations, warranties and conditions, including termination fees payable under certain conditions if the transaction fails to close. The transaction has been approved by the Company’s Board of Directors and the completion of the Merger is subject to customary closing conditions including, among others, the approval of the Company’s stockholders and certain regulatory approvals. The transaction is anticipated to close before the end of 2025. Refer to the Company’s Definitive Proxy Statement on Schedule 14A filed with the SEC on October 27, 2025, as may be amended from time to time, for additional information about the transaction. It cannot be guaranteed that the acquisition will be completed or that, if completed, it will be on the terms as set forth in the Merger Agreement. If completed, The ODP Corporation will become a privately held company, and shares of its common stock will no longer be listed on the NASDAQ stock market. The Company has incurred $8 million of expenses related to this acquisition in the third quarter and year-to-date 2025. Refer to Note 3 for further information on these costs.

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