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19.06 10:36:45

OfficeMax faces shareholder discontent - USA

OfficeMax is facing a call from a large shareholder for it to make an “unequivocal commitment" to making shareholder returns.

Benjamin Nahum, the Managing Director of Asset-management firm Neuberger Berman, which holds a 5.02% stake in OfficeMax, said it may nominate directors "more attuned to shareholder priorities" or sponsor shareholder resolutions on strategic direction if the company makes no progress on dividends.

Neuberger Berman also recommended that Chief Executive Ravi Saligram and other board members amend the company's bylaws so shareholders must approve large acquisitions. He asked them to dispose of OfficeMax's noncore Australian and New Zealand assets and put proceeds into share repurchases or dividends.

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