A lawsuit was filed by an investor in shares of OfficeMax Incorporated (NYSE:OMX) in effort to block the proposed merger with Office Depot, Inc and NYSE:OMX stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/06/2013 -- An investor in shares in OfficeMax Incorporated (NYSE:OMX) filed a lawsuit to stop the proposed takeover of OfficeMax by Office Depot, Inc for a value of $13.50 per NYSE:OMX share.
Investors who purchased shares of OfficeMax Incorporated (NYSE:OMX) prior to February 20, 2013, and currently hold any of those NYSE:OMX shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
On Feb. 20, 2013, OfficeMax Incorporated (NYSE:OMX) and Office Depot, Inc. (NYSE:ODP) announced the signing of a merger agreement under which the companies would combine in an all-stock merger of equals transaction intended to qualify as a tax-free reorganization. Under the terms of the agreement, OfficeMax stockholders will receive 2.69 Office Depot common shares for each share of OfficeMax common stock. Based on Office Depot's closing stock price of $5.02 on February 19, 2013, OfficeMax shareholders would have received consideration valued at approximately $13.50 per share.
However, the plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:OMX investors by agreeing to sell OfficeMax too cheaply via an unfair process to Office Depot.
The plaintiff claims that the offer undervalues OfficeMax and is too low. Indeed, at least one analyst has set the high target price for NYSE:OMX shares at $17.00 per share.
In addition, the plaintiff alleges that the process is unfair too. Indeed, in connection with the transaction, BC Partners, Inc. and its affiliates, which hold preferred stock representing approximately 22 percent of Office Depot on an as-converted basis, have already agreed to vote in favor of the merger.
Those who are current investors in OfficeMax Incorporated (NYSE:OMX), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego