BUYOUT OF OFFICEMAX - LAW FIRM SEEKS HIGHER PRICE FOR SHAREHOLDERS
February 20, 2013
New York, New York
PRNewswire -- Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it has been retained to represent the interests of shareholders of OfficeMax Inc.
It was announced that Office Depot will issue 2.69 new shares for each outstanding OfficeMax common share or $13.50 a share, based on yesterday’s closing price.
The lawsuit concerns whether the board of directors of OfficeMax breached their fiduciary duties by not engaging in a full and fair auction for the company to obtain the highest price possible for shareholders, while negotiating for themselves personal benefits to keep their jobs by selling the company at this low price. Indeed, analysts have projected that OfficeMax is worth at least $17 per share, and the company has over $500 million of cash on its books (or worth $5.83 per share) and its book value alone is just under $12 per share. Thus, Office Depot is acquiring OfficeMax at a significant discount.
If you are a shareholder of OfficeMax and would like additional information regarding this matter and how you can participate with other shareholders in obtaining a higher price or special dividend at no cost or obligation, please contact us toll free at 1-877-772-3975 or email at contact @ tripplevy
Tripp Levy PLLC is the leading shareholder rights firm and has recovered hundreds of millions of dollars for shareholders around the globe. Attorney Advertising.
I agree....the company has over $500 million of cash or $5.80 per share....they are not buying the company for $13.50 they are buying it for only $7.70 per share....shareholders should get this cash as a special dividend...its shouldn't go to pay for the merger