BOISE, Idaho, Dec. 11 /PRNewswire-FirstCall/ -- Boise Cascade Corporation
(NYSE: BCC), in connection with its recent acquisition of OfficeMax, Inc.,
announced today the results of merger consideration elections made by
OfficeMax shareholders.
The exchange agent received effective elections for 94% of the total
number of outstanding OfficeMax shares before the 5 p.m. election deadline on
December 5, 2003. Of these shares:
-- Approximately 2.8% elected to receive cash;
-- Approximately 97.0% elected to receive Boise common stock; and
-- Less than 1% elected no consideration preference.
OfficeMax shareholders will receive merger consideration as follows:
-- OfficeMax shareholders making an effective election to receive cash,
OfficeMax shareholders making an effective election of no consideration
preference, and OfficeMax shareholders not making an effective election
will receive $9.3330 in cash for each share of OfficeMax stock.
-- OfficeMax shareholders making an effective election to receive Boise
stock will receive shares of Boise common stock in exchange for
65.9847% of their OfficeMax shares and cash consideration in exchange
for 34.0153% of their OfficeMax shares, as a result of proration.
These shareholders will thus receive, for each share of OfficeMax
stock, approximately .230419 share of Boise stock (based on the
applicable 10-day trading average of Boise's stock, or $29.585; the
.3492 exchange ratio; and the 65.9847% proration percentage) and
approximately $3.1746 in cash. Any fractional share will be paid in
cash.
For example, an OfficeMax shareholder with 100 shares making an effective
election to receive stock will receive 23 shares of Boise stock, $317.46 in
cash, and an additional $1.24 in cash for the fractional share.
OfficeMax shareholders who have made an effective election can expect to
receive their merger consideration in approximately 7 to 10 business days.
For more information, please contact Wells Fargo Shareowner Services at
1-800-380-1372.
About Boise Cascade Corporation
Boise, headquartered in Boise, Idaho, provides solutions to help customers
work more efficiently, build more effectively, and create new ways to meet
business challenges. Boise is a major distributor of office products and
building materials and an integrated manufacturer and distributor of paper,
packaging, and wood products. We own or control more than 2 million acres of
timberland, primarily in the United States, to support our manufacturing
operations. Visit the Boise website at http://www.bc.com .
SOURCE Boise Cascade Corporation
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Related links:
http://www.bc.com
CONTACT:
Media, Ralph Poore, +1-208-384-7294, home,
+1-208-331-2023, or Investors, Vincent Hannity, +1-208-384-6390,
cell, +1-208-890-6385, both of Boise Cascade Corporation
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