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OfficeMax Incorporated Message Board

  • legalbark legalbark Sep 2, 2004 7:18 AM Flag

    Another Way of Looking at It

    In my earlier post on Sum of the Parts I don't think my math was correct. If BCC is being paid $3.7 billion and it has 88 million common shares outstanding, it's getting $42 per share. So I buy 100 shares today at #31.60 and in less than 4 months get $42 a share in cash for the timber, etc. As long as the remaining businesses have a value at least equal to the company's debt, it looks like a $10 profit in a very short period of time. I know that's not how the company is presenting the transaction since they intend to pay down debt and pay dividends or do stock buybacks. Still, I think this other way of viewing the values involved here is valid.

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    • i no all...

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    • I agree! What's the answer? What's the remaining part of the company worth after the timber sale and the $10 dividend if the company decides to distribute the $10 as a dividend rather than using the cash to make stock buybacks?

    • another way to look at is if bcc distributes $10 in cash after the sell of of forest products then you are getting omx plus 10% forest products for $22 per share. the question is whether omx is worth $22 compared to staples and offfice depot?

    • Atlantahemant- I think you've undercounted. Taking your approach, after paying the debt from the proceeds you're left with $1.4 billion in cash PLUS the Office Max/Business Solutions business PLUS the 10% retained interest in the LCC that is buying the timber and paper businesses. Whatever all of that is worth divided by 88 million common shares is what the remainder should be worth per share. I asked essencially the same question some time ago in a message on this board and no one has come up with an answer.

    • the way i look at this is 3.7 billion sale proceeds from sale of assets less 2.3 billion in debt repayment so 1.4 billion is the price for office max. is that a discount or premium to the inherent value of office max?

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    • Getting $42 cash for part of a company selling @ $32.
      Just might be some $$ to reap there.

    • WT...

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