Business Services Industry
CAN OFFICEMAX BOUNCE BACK? Turnaround in question, retailer's a potential catch for rival.(Markets)
Crain's Chicago Business, May, 2007
Byline: MONEE FIELDS-WHITE After a profitable 2006, OfficeMax Inc. CEO Sam Duncan's turnaround efforts hit a snag this year as first-quarter results fell short of expectations. Now it appears the Itasca-based company may not be his to turn around for much longer. OfficeMax's rebound from past financial woes, analysts and investors say, has made the office-supplies retailer an attractive acquisition target for one of its two larger rivals-Staples Inc.
and Office Depot Inc.-or a private-equity firm. "The idea of it being a takeover play is there,'' says Mitch Zacks, senior portfolio manager at Chicago-based Zacks Investment Management, which oversees $1.2 billion in assets, including 23,382 OfficeMax shares. Office Depot and Staples declined to comment....
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