December 19, 2003—Boise Cascade Corporation announced today that it has completed its acquisition of OfficeMax, Inc. for approximately $1.3 billion.
Boise Office Solutions will operate in the United States under the brand names OfficeMax in the retail segment and Boise Office Solutions in the contract segment. Over time, the businesses will be brought together under the OfficeMax brand.
Boise shareholders approved the transaction at a special meeting today, casting 76.77% of the voted shares in favor of the acquisition.
At a concurrent meeting of OfficeMax shareholders today, 71.68% of outstanding OfficeMax shares approved the acquisition. OfficeMax common stock will be delisted before the opening of the market on December 10.
The acquisition of OfficeMax more than doubles the size of Boise Office Solutions to pro forma 2002 sales of $8.3 billion. Boise anticipates that synergy benefits from the acquisition will reach an annual amount of $160 million: $100 million in 2004, $150 million in 2005, and $160 million in 2006.
