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)

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) 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.

To contact the reporters on this story: Jonathan Roeder in Mexico City at jroeder@bloomberg.net; Jonathan Levin in Mexico City at jlevin20@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net