Good afternoon,
Things certainly move at a snail pace at the big end of town.
While this is understandable due to the money involved, it must be a nervous and frustrating time for employees of OfficeMax, both here and in New Zealand.
Having blocked Platinum Equity’s bid to buy OfficeMax NZ from US owner Office Depot, New Zealand’s Commerce Commission hasn’t made a move since November last year, when it announced that it had not set a date for an injunction hearing.
The Commission said it would consolidate proceedings with those initiated by Complete Office Supplies, which launched a counter bid for OfficeMax Australia and OfficeMax NZ, way back in July last year.
Interestingly, OfficeMax NZ powered on, buying Wellington-based cleaning and hygiene products company Waiwhetu Distributors in January.
Meantime, Platinum Equity got the green light last month to acquire OfficeMax Australia and announced plans to merge the business with Winc.
Winc CEO Darren Fullerton said teams from Winc, OfficeMax and Platinum Equity will work together to ensure a “seamless transition”.
While the wheels move slowly, it’s hard to not question the long-term future of the big contract players, given Platinum Equity’s predilection for buying and selling businesses when the numbers add up.
Talking of big hitters, there are still single places available for this Friday’s big charity golf day at Macquarie Links. To book a spot, contact Margaret De Francesco at [email protected].
Regards,
Barrie Parsons
Editor & Publisher
[email protected]
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