Brewed Fresh Daily

Anotated links from a Cleveland area obsessive coffee drinker, avid quotation collector, voracious internet content consumer, amatuer social network analyzer, and armchair economic developer. Recently referred to as a "web activist".

7/16/2003

Daily Missives from CT | No Secret Deal

OK, it's not quite a blog. It is good content. Chris talks about the OfficeMax deal in Editor's Choice, a column that will be "a daily feature of our e-mail news alerts. The column is intended to be an entertaining and engaging break from your daily workload.":

Today�s announcement that OfficeMax would be bought by Boise Cascade was one of the worst kept secrets in town as shown by its steadily rising share price over the last few months. When I first heard about the acquisition seven weeks ago it was already a �done deal,� according to my source. By that time the stock was up to $5.50 a share from a 52-week low of $3.05. When Crain�s reporter Shannon Mortland wrote about the rumored deal last month the price was north of $6 a share. By last Friday it was over $7. Boise Cascade will pay $9 a share. As the company�s largest shareholder, OfficeMax CEO Michael Feuer�s stock is now worth about $54 million. But back in 1997, he told Crain�s that he was buying more of the stock, then at $10 a share, because it �was exceptionally low and an exceptional value.� Things change.

Make sure to register for your free emails from Crain's.

posted by George Nemeth # 7/16/2003 11:43:00 AM

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