OfficeMax Shareholder Alert: Briscoe Law Firm and Powers Taylor, LLP Investigate Sale to Office Depot
21 February 2013 - 3:47AM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe and the securities litigation firm of Powers Taylor,
LLP are investigating the sale of OfficeMax Inc. (“OfficeMax”)
(NYSE: OMX) to Office Depot, Inc. for shareholders. Under the terms
of the proposed sale valued at approximately $1.2 billion,
OfficeMax shareholders will only receive 2.69 shares of Office
Depot common stock for each OfficeMax share. Based on Tuesday’s
closing price, the consideration for this sale is valued at $13.50,
well below at least one analyst’s estimated value of $17.00 per
share.
If you are an affected investor, and you want to learn more
about the lawsuit or join the action, please contact Willie Briscoe
at The Briscoe Law Firm, PLLC, (214) 239-4568, via email at
WBriscoe@TheBriscoeLawFirm.com or Zach Groover at Powers Taylor,
LLP, toll free (877) 728-9607, via e-mail at zach@powerstaylor.com.
There is no cost or fee to you.
The OfficeMax sale investigation centers on whether OfficeMax’s
shareholders are receiving adequate compensation for their shares
in the proposed deal, whether the transaction undervalues
OfficeMax’s stock, and whether OfficeMax’s board attempted to
obtain the highest share price for all shareholders prior to
agreeing to the deal. Notably, according to at least one analyst
with Yahoo! Finance, the true inherent value of OfficeMax could be
as high as $17.00 per share. According to shareholder rights
attorney Patrick Powers, “based on the historical trading prices,
the proposed sale price and other factors, we believe this
transaction may undervalue OfficeMax’s stock. Our proposed lawsuit
will seek to obtain the highest share price for all
shareholders.”
The Briscoe Law Firm, PLLC is a full service business litigation
and shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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