Newman Ferrara LLP Announces Investigation of OfficeMax Incorporated
NEW YORK -- February 20, 2013
Newman Ferrara LLP has begun an investigation into potential claims against
the board of directors of OfficeMax Incorporated (“OfficeMax”) (NYSE: OMX)
concerning the proposed acquisition of OfficeMax by competitor Office Depot,
Inc. (“Office Depot”) (NYSE: ODP).
On February 20, 2013, OfficeMax announced that it had entered into a
definitive merger agreement to be acquired by Office Depot in an all-stock
transaction. Under the terms of the merger agreement, OfficeMax shareholders
will receive 2.69 shares of Office Depot common stock for each share of
OfficeMax common stock owned.
The proposed deal has been reported to provide OfficeMax shareholders with
consideration valued at $13.50 per share of OfficeMax stock owned, based on
the closing price of OfficeMax stock on February 19, 2013, the day before the
deal was announced. However, based on Office Depot’s 30-day average closing
price prior to the deal’s announcement of $4.28 per share, 2.69 shares of
Office Depot stock would only be valued at $11.50 per share. As of September
12, 2012, OfficeMax had a tangible book value of approximately $12.10 per
Newman Ferrara LLP’s investigation concerns whether OfficeMax’s Board of
Directors has breached its fiduciary duties to act in the best interests of
OfficeMax’s shareholders. The investigation focuses on the potential
unfairness of the consideration being provided to OfficeMax’s shareholders and
the process by which OfficeMax’s Board of Directors considered and approved
the proposed deal.
Concerned investors may contact Newman Ferrara attorney Roy Shimon at (212)
619-5400 or firstname.lastname@example.org to discuss this investigation, their rights, or
Newman Ferrara maintains a multifaceted practice based in New York City with
attorneys specializing in complex commercial and multi-party litigation,
securities fraud and shareholder litigation, consumer protection, civil
rights, and real estate. For more information, please visit the firm website
Newman Ferrara LLP
Roy Shimon, 212-619-5400
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