Office Depot Inks $690M Deal To Break Up Mexican JV

Law360, New York (June 4, 2013, 5:35 PM EDT) -- Office Depot Inc. will sell its 50 percent share in its Mexican joint venture for about $690 million, sending full ownership of the profitable unit to retailer Grupo Gigante SAB de CV ahead of Office Depot’s planned merger with rival OfficeMax Inc., the companies said Tuesday.

Talks leading up to the deal dragged out for months as Office Depot struggled to win over OfficeMax, which relented this week and signed off on a price that matches the offer Gigante first made four months ago. Starboard Value...
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