OfficeMax has come under fire from an investor over its merger deal with Office Depot. Shareholder Eric Hollander has sued the retailer’s directors - including the chief executive and chairman - while seeking to block the deal. He called the proposed $1.2bn (£771.4m) all-stock deal “grossly inadequate”.
Under the terms of the proposed agreement, OfficeMax shareholders will receive 2.69 Office Depot common shares for each OfficeMax share they possess. Plans for the merger were unveiled in February.