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OfficeMax investor sues to stop merger with Office Depot
New York -- An OfficeMax shareholder sued the directors of the company on Thursday, seeking to block its acquisition by Office Depot Inc., Bloomberg reported. The investor called the proposed $1.2 billion all-stock deal "grossly inadequate".
"OfficeMax, if properly exposed to the market for corporate control, would bring a price materially in excess of the amount offered in the proposed transaction," the complaint filed by investor Eric Hollander said.
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Consumer spending stays flat
Washington, D.C. -- U.S. consumer spending averaged $86 a day in April 2013, according to new figures from Gallup. This number is essentially flat compared to $89 in March and $83 in February.
According to Gallup analysis, the lack of change in consumer spending in recent months may reflect the recent increase in payroll tax, as well as the early Easter holiday. Consumer spending remains well above levels recorded during the economic recession of 2008-2011.