You are wrong and let me explain why.
OfficeMax shareholders will each receive a special dividend of $1.50 a share.
So, you have to add that to your nubmer to get the true value.
So, using your number of $10.53 plus $1.50 for the special dividend, the true value of OMX stock is more than $12.
I believe he is talking about the exchange rate for the merger. That has nothing to do with the dividend that OMX shareholders may get.
It would be nice if ODP would pay the money from the Mexico sale to shareholders. But, when was the last time management at ODP did ANYTHING for shareholders? All they are concerned about is lining their own pockets.