MILWAUKEE, Feb. 20, 2013 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of OfficeMax Incorporated ("OfficeMax") for possible breaches of fiduciary duty and other violations of state law in connection with the sale of OfficeMax to Office Depot, Inc. ("Office Depot").
Click here to learn how to join the action: http://www.ademilaw.com/case/officemax-incorporated or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
OfficeMax's long-term financial outlook is improving and yet OfficeMax shareholders will receive only 2.69 Office Depot common shares for each share of OfficeMax common stock. Office Depot is well aware of OfficeMax's improving financial metrics and is purchasing OfficeMax at a substantial discount. The merger agreement unreasonably limits prospective bids for OfficeMax by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should OfficeMax receive and accept a superior bid. OfficeMax insiders, their affiliates and other majority shareholders own significant voting stock of OfficeMax, and will receive tens of millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of OfficeMax not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of OfficeMax's Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for OfficeMax given its current financial condition and prospects.
If you own common stock in OfficeMax and wish to obtain additional information, please contact Guri Ademi either at email@example.com or toll-free: 866-264-3995, http://www.ademilaw.com/case/officemax-incorporated.
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CONTACT: Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.comSource:Ademi & O'Reilly, LLP