Boise Cascade agrees to acquire OfficeMax

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Boise, Idaho--Boise Cascade Corp. announced Monday that it has reached a definitive agreement to acquire OfficeMax Inc. in a cash and stock deal valued at about $1.2 billion.

Boise Cascade expects to complete the transaction, which is subject to approval by shareholders and regulatory authorities, in the fourth quarter.

The deal will retail to Boise Cascade’s existing contract business and is expected to double the size of Boise Office Solutions, the company’s office products distribution business, to about $8.3 billion.

“Together, OfficeMax and Boise will be strategically stronger and better able to deliver compelling value to office products customers through all channels and across all segments of the market,” Boise Cascade Chairman-CEO George Harad said in a statement.

Additionally, Boise Cascade said it has hired Goldman, Sachs & Co. to explore “strategic alternatives” for the company's paper and building products businesses.

--Sean Callahan

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