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Boise Cascade gets OK for OfficeMax deal

BOISE — Paper company Boise Cascade Corp. received antitrust approval for its proposed acquisition of office supply chain OfficeMax Inc.

The expiration of the 30-day waiting period was one of the closing conditions of the deal.

On July 14, Boise-based Boise Cascade agreed to pay $1.15 billion for OfficeMax, based in Shaker Heights, Ohio, giving the paper products company a direct retail outlet.

Boise Cascade agreed to pay $9 a share for OfficeMax, using 30 percent cash and 70 percent stock.

On Tuesday, Boise said it still expects to close the acquisition in the fourth quarter of this year.

For 2002, Boise's office supply and paper divisions combined reported sales of $5.4 billion, while OfficeMax rang up sales of $4.8 billion.

Boise also makes building supply products.

OfficeMax shares closed Tuesday at $9.42, up 12 cents, or 1.3 percent, on the New York Stock Exchange.

Boise shares closed at $28.05, up 80 cents, or 2.9 percent, on the NYSE.