Office Depot (ODP) Says Grupo Gigante Offer Expires Feb. 28th

February 22, 2013 6:16 AM EST
On February 15, 2013, the Board of Directors of Office Depot, Inc. (NYSE: ODP) received an offer from its joint venture partner, Grupo Gigante S.A.B. de C.V. (“Gigante”), for its Mexican joint venture business, Office Depot de Mexico, whereby Gigante offered to purchase the Company’s 50% interest in the joint venture business. The Company’s Board of Directors reviewed and gave due consideration to the offer from Gigante as part of a review of its strategic alternatives, which culminated in the announcement of the agreement and plan of merger with OfficeMax Incorporated (NYSE: OMX) on February 20, 2013.

The merger agreement provides that the sale of any major asset requires the consent of the other party, which is a standard term and condition of agreements of this nature.

The offer from Gigante expires on February 28, 2013.

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