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Shares of Office Depot (Nasdaq: ODP) were up more than 17% this morning on news the company is in advanced discussions to merge with rival Staples Inc. (Nasdaq: SPLS). Shares of Staples were up more than 10% on the news. Rumors of a possible deal had been brewing since activist investor Starboard Value LP disclosed large stakes in both office-supply retailers in December. According to the filings, the investor holds a 5.1% stake in Staples and a 10% stake in Office Depot.