Peace declared in ‘Max shareholder rift

25 April 2005 – Itasca (IL): OfficeMax has settled its proxy contest with shareholder K Capital over the election of directors at its annual shareholders’ meeting next month.

K Capital, which is OfficeMax’s third largest shareholder, has agreed to withdraw its candidate for election to the board in exchange for an OfficeMax concession for an additional independent candidate at the end of June and to give "active consideration in good faith" to candidates proposed by K Capital for the position.

OfficeMax’s newly-appointed president/CEO Sam Duncan said: "We are pleased that this dispute has been resolved and that OfficeMax will be able to spare its shareholders a costly and disruptive proxy contest."