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Article: BOISE CASCADE TAKES ANOTHER SHOT AT EXPANSION PAPER COMPANY HOPES OFFICEMAX ACQUISITION DELIVERS EFFICIENCES
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- July 20, 2003
- Author:
CopyrightCopyright 2003 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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Boise Cascade's $1.15 billion bid for OfficeMax signals that
mergers and acquisitions are back in vogue.
Until the market crash brought M&A activity to a halt, Boise
seemed to suffer from the corporate equivalent of attention deficit
disorder, buying and selling businesses, opening and closing
facilities, in a desperate effort to insulate itself from the wild
swings in lumber prices and to lock in higher profits and stock
multiples.
Under chief executive George Harad, Boise moved into and out of
various segments of the paper business, sold and then bought back a
minority stake in its office products division, paid its way into
European markets - and then cashed out in favor of Australia and ...