OfficeMax investor sues to stop merger with Office Depot
New York -- An OfficeMax shareholder sued the directors of the company on Thursday, seeking to block its acquisition by Office Depot Inc., Bloomberg reported. The investor called the proposed $1.2 billion all-stock deal "grossly inadequate".
"OfficeMax, if properly exposed to the market for corporate control, would bring a price materially in excess of the amount offered in the proposed transaction," the complaint filed by investor Eric Hollander said.
OfficeMax Chairman Rakesh Gangwal and CEO Ravichandra Saligram were among the directors named as individual defendants, accused of breaching their fiduciary duties to the shareholders of the chain, according to the report.