Grupo Gigante SAB said it made an offer last week to buy the 50 percent of Office Depot de Mexico it doesn’t already own from Office Depot Inc. (ODP:US)
The company offered to pay 8.78 billion pesos ($689 million) for the stake, according to a filing with the Mexican stock exchange.
Office Depot agreed to buy OfficeMax Inc. (OMX:US) for $1.17 billion, according to a statement yesterday. The company has been exploring options since Starboard Value LP became its largest shareholder in September.
Office Depot shares fell 4.8 percent to $3.98 today. Gigante shares were unchanged today at 27 pesos.
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