OfficeMax gets $129 million in proceeds from investment
NAPERVILLE, Ill. (AP) — Office products supplier OfficeMax said Tuesday that it will receive about $129 million in cash proceeds from its investment in Boise Cascade Holdings LLC.
OfficeMax has a minority stake in the maker of plywood and other building materials, which went public last week. Boise Cascade's stock jumped 25 percent in its market debut, buoyed by a U.S. housing recovery and booming stock market.
OfficeMax President and CEO Ravi Saligram said in a statement that the company is looking at the best way to use the proceeds to maximize shareholder value.
OfficeMax Inc., which is based in Naperville, Ill., has more than 900 stores in the U.S. and Mexico.
Its shares closed at $10.71 on Monday. Its shares rose to a 52-week high of $11.45 a week ago, and traded as low as $4.10 last June.