Key Developments: OfficeMax Inc (OMX.N)

OMX.N on New York Stock Exchange

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Latest Key Developments (Source: Significant Developments)

OfficeMax Inc Declares Quarterly Cash Dividend
Thursday, 25 Jul 2013 06:38pm EDT 

OfficeMax Inc announced that Board of Directors has declared a quarterly cash dividend of $0.02 per common share, payable on August 30, 2013 to shareholders of record as of the close of business on August 15, 2013.  Full Article

OfficeMax Inc Announces Promotion Of Deb O'Connor To Interim CFO And Departure Of EVP And CFO Bruce Besanko-DJ
Wednesday, 24 Jul 2013 08:01am EDT 

Dow Jones reported that OfficeMax Inc said Bruce Besanko, Executive Vice President and Chief Financial Officer (CFO), will leave the Company to become the Executive Vice President and Chief Financial Officer of SUPERVALU Inc. His last day at OfficeMax will be August 6. As OfficeMax progresses toward its proposed merger with Office Depot, Deb O'Connor, Senior Vice President, Finance and Chief Accounting Officer, will assume the role of Interim Chief Financial Officer, effective August 7.  Full Article

OfficeMax Inc Issues Q2 2013 Revenue Guidance In Line With Analysts' Estimates; Lowers FY 2013 Revenue Guidance
Tuesday, 7 May 2013 07:05am EDT 

OfficeMax Inc announced that for second quarter of 2013, it expects sales to be lower than the second quarter of 2012. For fiscal 2013, it expects sales to be lower than the prior year period. The Company reported revenue of $1.60 billion for second quarter of 2012 and revenue of $6.92 billion for fiscal 2012. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $1.59 billion for second quarter of 2013; revenue of $6.86 billion for fiscal 2013.  Full Article

OfficeMax Inc Announces Special Dividend
Tuesday, 7 May 2013 07:00am EDT 

OfficeMax Inc announced that its board of directors has declared a special non-recurring dividend of $1.50 per share of common stock payable on July 2, 2013 to shareholders of record as of the close of business on June 12, 2013.  Full Article

OfficeMax Incorporated Declares Quarterly Cash Dividend
Tuesday, 30 Apr 2013 04:50pm EDT 

OfficeMax Incorporated announced that its board of directors has declared a quarterly cash dividend of $.02 per common share, payable on May 31, 2013 to shareholders of record as of the close of business on May 15, 2013.  Full Article

Law Office of Brodsky & Smith, LLC Announces Investigation Of OfficeMax Incorporated
Monday, 25 Feb 2013 09:30pm EST 

Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of OfficeMax Incorporated relating to the proposed acquisition by Office Depot, Inc. (Office Depot). Under the terms of the transaction, OfficeMax shareholders will receive only $13.50 in cash for each share of OfficeMax stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of OfficeMax for not acting in the Company's shareholders' best interests in connection with the sale process to Office Depot. The focus of the investigation is whether the OfficeMax Board of Directors breached their fiduciary duties by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction. The transaction may undervalue OfficeMax as an analyst has set a price target of $17.00 per share for OfficeMax stock.  Full Article

Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By The Board Of OfficeMax Incorporated
Monday, 25 Feb 2013 11:42am EST 

Levi & Korsinsky is investigating the Board of Directors of OfficeMax Incorporated for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Office Depot, Inc. The investigation concerns whether the OfficeMax Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction. At least one analyst set a price target for OfficeMax stock at $17.00 per share.  Full Article

Faruqi & Faruqi, LLP Announces Investigation Of Board Of Directors Of OfficeMax Incorporated
Friday, 22 Feb 2013 08:00pm EST 

Faruqi & Faruqi, LLP, a national securities firm headquartered in New York City, announced that it is investigating the Board of Directors of OfficeMax Incorporated for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Office Depot, Inc. in a deal valued at approximately $1.2 billion. Under the terms of the proposed transaction, OfficeMax stockholders will receive $13.50 for each share of OfficeMax common stock they own, while according to Yahoo! Finance, at least one financial analyst has set a price target of $17.00 for OfficeMax. The investigation focuses on whether OfficeMax’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of OfficeMax shareholders.  Full Article

Robbins Arroyo LLP Announces Investigation On Officemax Inc
Friday, 22 Feb 2013 04:14pm EST 

Shareholder rights attorneys at Robbins Arroyo LLP announced that they are investigating the acquisition of Officemax Inc by Office Depot, Inc. OfficeMax, together with its subsidiaries, distributes business-to-business and retail office products. Robbins Arroyo LLP's investigation focuses on whether the board of directors at OfficeMax is undertaking a fair process to obtain maximum value and adequately compensate its shareholders in light of the proposed acquisition. The merger consideration is below the $15.00 target price of Sidoti and Co. and the $17.00 target price of B. Riley and Co.  Full Article

Ryan & Maniskas, LLP Announces Investigation Of Officemax Inc
Thursday, 21 Feb 2013 10:50am EST 

Ryan & Maniskas, LLP announced that it is investigating potential claims against the board of directors of OfficeMax Incorporated (OfficeMax or the Company) concerning possible breaches of fiduciary duty and other violations of law related to the Company's efforts to sell the Company to Office Depot, Inc. in a transaction valued at approximately $1.2 billion. Under the terms of the transaction, OfficeMax shareholders will receive 2.69 shares of Office Depot stock for each share of OfficeMax stock they own, representing a value of approximately $13.50 per share.  Full Article

Office Depot posts loss in line with expectations, sales fall

July 30 - Office Depot Inc reported on Tuesday a quarterly loss in line with analyst expectations, as tight cost controls helped offset weak sales at the second-largest U.S. office supply retailer.

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