OfficeMax and K Capital Settle Proxy Contest
April 25 2005 - 8:00AM
PR Newswire (US)
OfficeMax and K Capital Settle Proxy Contest ITASCA, Ill., April 25
/PRNewswire-FirstCall/ -- OfficeMax Incorporated (NYSE:OMX)
announced today that it has settled a potential proxy contest with
K Capital Offshore Master Fund (U.S. Dollar), L.P. and Special K
Capital Offshore Master Fund (U.S. Dollar), L.P. (collectively, "K
Capital") in connection with the election of directors at the 2005
Annual Meeting of Shareholders of OfficeMax. The annual meeting is
scheduled for May 9, 2005. K Capital has withdrawn its nomination
of a candidate for election to the Board of Directors of OfficeMax
at the upcoming Annual Meeting. The withdrawal is based on
Officemax's stated willingness to appoint an additional independent
director to the Company's Board of Directors at the end of June
2005 and to give active consideration in good faith to a candidate
or candidates proposed by K Capital for such position. George J.
Harad, currently the Executive Chairman of the Board of OfficeMax,
previously announced his intent to resign from the OfficeMax Board
as of June 30, 2005. Sam Duncan, OfficeMax's newly-appointed
President and Chief Executive Officer, is expected to be appointed
to the Board at that time. Sam Duncan, President and Chief
Executive Officer of OfficeMax, said: "We are pleased that this
dispute has been resolved and that OfficeMax will be able to spare
its shareholders a costly and disruptive proxy contest. This will
enable the board of directors and management to continue to focus
their full attention on the business of the company and the pursuit
of its strategic plan. We are all prepared to work together to
continue to move forward with our first and foremost goal of
enhancing shareholder value." Speaking on behalf of K Capital,
Brian Steck, managing director, said: "We are pleased to be able to
work constructively with OfficeMax toward the shared goal of
enhancing both the long and short term value of the company." About
OfficeMax OfficeMax is a leader in both business-to-business and
retail office products distribution. The company provides office
supplies, and paper, print and document services, technology
products and solutions, and furniture to large, medium, and small
businesses and consumers. OfficeMax customers are served by more
than 41,000 associates through direct sales, catalogs, the
Internet, and 935 superstores. Forward-Looking Statements Certain
statements made in this press release and other written or oral
statements made by or on behalf of the Company may constitute
"forward-looking statements" within the meaning of the federal
securities laws. Statements regarding future events and
developments and the Company's future performance, as well as
management's expectations, beliefs, intentions, plans, estimates or
projections relating to the future, are forward-looking statements
within the meaning of these laws. Management believes that these
forward-looking statements are reasonable; however, you should not
place undue reliance on such statements. These statements are based
on current expectations and speak only as of the date of such
statements. The Company undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of
future events, new information or otherwise. Important factors
regarding the Company which may cause results to differ from
expectations are included in the Company's Annual Report on Form
10-K for the year ended December 31, 2004, including under the
caption "Cautionary and Forward-Looking Statements", and in other
filings with the SEC. OfficeMax Media Contact OfficeMax Investor
Relations Contact Bill Bonner John Jennings 630 438 8584 630 438
8760 DATASOURCE: OfficeMax Incorporated CONTACT: Media: Bill
Bonner, +1-630-438-8584, or Investors: John Jennings,
+1-630-438-8760, both of OfficeMax Incorporated Web site:
http://www.officemax.com/
Copyright
Officemax (NYSE:OMX)
Historical Stock Chart
From May 2024 to Jun 2024
Officemax (NYSE:OMX)
Historical Stock Chart
From Jun 2023 to Jun 2024