NEW YORK: A shareholder in OfficeMax Inc sued the directors of the company on Thursday, seeking to block its acquisition by larger rival Office Depot Inc , calling the proposed $1.2 billion all-stock deal "grossly inadequate".
The proposed merger which seeks to help the two suppliers of office goods slash costs amid fierce competition from online competitors, has also been criticized for lacking details and comes at a time when Office Depot is under fire from an activist investor.
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