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Takeover time for OfficeMax?
May
2007 — Naperville (IL): Analyst speculation regarding a takeover of
OfficeMax had boosted the retailer’s shares by almost eight
percent.Credit Suisse analyst Gary Balter has suggested that “the time
might be ripe for acquisitions in several hardline retail sectors,”
according to the AP newswire.Balter believes an acquisition of
OfficeMax by its rivals Office Depot or Staples could help cut
infrastructure and purchasing costs and speculated that such a takeover
could already have been considered.Balter said: “Office Depot
management has commented on ‘maintaining balance sheet flexibility,’
while OfficeMax has taken what we view as an overly pessimistic view of
its own business leading to a sharp sell of its shares.”He added: “We
have already seen consolidation in the most mature segments of
retailing, including supermarkets and department stores, and we believe
that we are on the verge of this spreading to at least three hardlines
sub-sectors: office products, automotive products and bookstores.”
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