Office Depot Mexico Rejects Gigante Bid

Office Depot has rejected an offer from Gigante to buy Office Depot’s 50% stake of their Mexican joint venture, Gigante says. Gigante put up an unsolicited non-binding offer of $430m in July for the remainder of their Office Depot de Mexico chain, but did not say why its bid was turned down. Gigante says it continues to discuss alternatives with its partner.