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 firstname.lastname@example.org. 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.