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    Filing pursuant to Rule 425 under the Securities
Act of 1933 and deemed filed under Rule 14a-12
under the Securities Exchange Act of 1934

 

 

Filer: Boise Cascade Corporation

 

 

Subject Company: OfficeMax, Inc.

 

 

Exchange Act File Number of Subject Company:
1-13380


OTHER COMMUNICATION MATERIALS

Q&A—Acquisition and Strategic Alternatives Announcement

I.
Questions About the Transaction

1.
Exactly what has Boise announced?
2.
Why did Boise decide to announce this acquisition and its decision to evaluate strategic alternatives for its other businesses at the same time? Why not simply expand its office products business without changing its other business operations?
3.
How much is Boise paying for OfficeMax?
4.
What will affect the amount of cash versus stock in the purchase?
5.
How will the acquisition be financed?
6.
When is the deal expected to close?


Boise expects to complete the transaction in 4Q 2003.

7.
How likely is it that Boise shareholders will approve a transaction that includes the issuance of equity at $24 per share?
8.
Is Boise likely to lose its investment-grade credit rating? What would be the impact of that change on the company?
9.
How long have Boise and OfficeMax been in discussions about this acquisition?
10.
What role will Goldman, Sachs & Co. play in this process?


Goldman, Sachs & Co. has advised Boise as this transaction has evolved. Boise has also engaged Goldman, Sachs & Co. to assist the company in developing, evaluating, and implementing strategic alternatives for its paper and building products businesses. The alternatives to be considered will range from no change in the company's business mix to restructurings, divestitures, spinoffs, and/or other business combinations. We will take the appropriate steps over the 12 to 18 months following the close of OfficeMax transaction.

II.
Specific Questions About/For Investors and Shareholders

11.
When do the SEC filings become available publicly? Where can I obtain copies?
12.
Are both companies' shareholders required to approve the acquisition? By what margin? When will a vote take place?
13.
What happens if shareholders fail to approve the transaction?
14.
The announcement mentions that the company will review strategic alternatives for its paper and building products businesses. How much time will Boise spend reviewing these strategic alternatives? When will investors know the results of this review?
15.
What legal and regulatory approvals are required?

16.
Do you anticipate any problems or delays in obtaining regulatory approval due to antitrust issues?
III.
Questions About Impact on Boise Office Solutions and the Industry

17.
What does this deal mean to the office products industry?
18.
What does Boise know about the retail business?
19.
How will this acquisition contribute to increased efficiencies and profitability at Boise?
20.
What synergies does Boise expect to achieve as a result of this acquisition? What is the type and dollar value of these expected savings, and how long will it take to realize them?
21.
What strengths and attributes of OfficeMax is Boise hoping to leverage? Why OfficeMax and not a different company?

22.
Will the division continue to be called Boise Office Solutions? Will OfficeMax's corporate identity be retained, or will it be completely converted to the BOS corporate identity?
23.
In what new regions or countries will Boise operate as a result of this acquisition?
24.
Will the names or identities of BOS's other subsidiaries—Grand and Toy, Boise Workspace, Reliable—change as a result of this acquisition?
25.
Who will manage the combined Boise Office Solutions/OfficeMax business? Will OfficeMax's current executives and managers stay on after the acquisition?
26.
Will the two companies' E-commerce sites be integrated?
27.
Will Boise Office Solutions and OfficeMax consolidate their headquarters? Where will the new entity be located?
28.
How does Boise plan to manage OfficeMax's operations, including its retail stores?
29.
Boise recently launched a new corporate brand. Will the new organization continue to reflect the Boise brand? Will OfficeMax's brand(s) be retained?

IV.
Associate Questions—Boise Office Solutions (may also be applicable to other employees)

30.
Until the newly expanded business's management is announced, who will manage existing groups and departments? Where do associates go for management assistance?
31.
Will pay and benefits structures be rationalized? When will associates know what's changing?
32.
Does Boise Office Solutions plan to cut positions as a result of this acquisition? If so, how many and by when?
33.
How can BOS associates or other Boise employees find out about or apply for new opportunities in this newly expanded division?
34.
What can associates do to help ensure the success of this acquisition?
V.
Other Employee Questions—Boise Paper Solutions, Boise Building Solutions

35.
Does Boise plan to cut positions in its other businesses? If so, how many and by when?
36.
Will pay and benefits structures be rationalized? When will employees know what's changing?
VI.
Questions About Boise's Corporate Structure and Strategic Alternatives

37.
The announcement mentions that the company will evaluate "strategic alternatives" for its other businesses. Is my site/business/facility on the block?

38.
What do you mean by strategic alternatives? What are some of the alternatives being considered?
39.
When will we know what these strategic alternatives are? How long will we have uncertainty about the future of our site or business?
40.
Why did Boise decide to seek strategic alternatives for its other businesses at the same time it announced this office products acquisition? Can't the company continue to operate its paper and building products businesses while expanding its office products business?
41.
Are any related transactions underway now?
42.
What will the company look like after this transaction is complete and the strategic alternatives are identified and implemented? How will this structure result in greater shareholder value than the old structure?

43.
How long will it take to integrate the businesses?
44.
Has the company already appointed a transition team to manage the integration effort? Who serves on the team?
45.
Describe the transition plan and organizational structure for the company after the merger.
46.
Is BOS now the primary BCC company, with the Boise, Idaho, location being a branch operation?
47.
Will the BCC headquarters be moved from Boise to Itasca? When might this happen?
48.
As part of its strategic review, how likely is it that Boise will shut down commodity manufacturing capacity, either in paper or in building products?
49.
What led the company to finally consider breaking up its operations?

50.
Will Boise sell businesses, pieces of businesses, locations? For example, would the company sell just one of its building materials distribution centers?
51.
Will the company consider a spinoff to shareholders of one or more of its businesses?
52.
Will Boise sell its timberlands, all or in part?
53.
If the company puts assets up for sale, what happens if willing buyers don't step forward, as occurred with Boise's DeRidder, Louisiana, operation a few years ago? Would Boise lower the asking price of its assets or consider other alternatives?
54.
Does Boise intend to stay in the paper, building products manufacturing, and building materials distribution businesses?
55.
Boise management has often touted the advantages of integrating BOS and office papers. Does that mean, therefore, that Boise is likely to keep its uncoated free sheet paper mills?
56.
Are all of Boise's other businesses, sites, and timberlands being considered for divestiture or some other strategic alternative?
VII.
General Questions

57.
How does this transaction fit into Boise's overall corporate strategy?
58.
What kind of reaction have you had from investors/analysts/ employees thus far?

59.
After the transaction closes, what will happen to community and philanthropic programs funded by OfficeMax?
VIII.
Questions From Boise Customers/Suppliers

60.
Should I expect any day-to-day changes as a result of this announcement?
61.
Whom should I call for assistance and support?
62.
Will the company continue to carry the Boise/Highmark/OfficeMax brands?
63.
Where can I go for additional information?
IX.
Specific HR Questions (likely asked of BOS by OfficeMax associates)

64.
Will this acquisition affect my pension plan/benefits structure?
65.
Can I choose my investments in the new plan before my money is transferred?
66.
Am I eligible to participate in the new plan?
67.
What is the new matching formula?

68.
What is the plan's vesting schedule?
69.
Will my old plan be terminated and if so, when?
70.
What will happen to any outstanding loans from the old plan?

Boise Cascade Corporation
Department (delete this line if not used)

Street Address (no commas)—PO Box (Box #) City, ST Zip
T 000 000 0000 F 000 000 0000
Email Address

Name
Title

[Date]

Dear [BOS Customer]:

        I am pleased to inform you that Boise recently announced that it has reached a definitive agreement to acquire OfficeMax. This transaction has been approved by the boards of directors of both companies and is subject to approval by regulatory authorities and shareholders of both companies.

        This acquisition will leverage Boise's exceptional strength in the contract customer segment with OfficeMax's proven retail expertise and strong brand. Most importantly, we believe that with this acquisition, we will be better able to serve our customers across all segments and through all distribution channels. This transaction also supports Boise's goal of growing our distribution businesses.

        Our highest priority is to make this process as seamless as possible for you, our valued customer. Your Boise contact person will remain the same, and there will be no changes in our business procedures in the near term; please continue to do business with Boise the way you did prior to this announcement. Your Boise contact will keep you fully informed of any developments that may affect you down the road.

        Enclosed for your information are a recent press release announcing this transaction and background information on both Boise and OfficeMax. If you have any questions, please contact your regular Boise representative or feel free to call me at [number].

        As always, thank you for your continued support. We believe this acquisition will significantly expand our capabilities, breadth, and financial and competitive strength to serve you in the best manner possible.

Sincerely,

[Name of Business Leader]
[Title]

Enclosures



Boise Cascade Corporation
Department (delete this line if not used)

Street Address (no commas)—PO Box (Box #) City, ST Zip
T 000 000 0000 F 000 000 0000
Email Address

Name
Title

[Date]

Dear [BOS Supplier]:

        I am pleased to inform you that Boise recently announced that it has reached a definitive agreement to acquire OfficeMax. This transaction has been approved by the boards of directors of both companies and is subject to approval by regulatory authorities and shareholders of both companies. Boise expects to complete the transaction in fourth quarter 2003.

        This acquisition will combine Boise Office Solutions' exceptional strength in the contract customer segment with OfficeMax's proven retail expertise and strong brand. We believe that OfficeMax's nearly 1,000 superstores and its direct-mail and consumer E-commerce capabilities will allow Boise to better serve our customers across all segments and through all distribution channels. This transaction also supports Boise's goal of growing our distribution businesses.

        Our relationships with our valued suppliers are critical to our success, and we are committed to making this process as seamless as possible for you. Your Boise contact person will remain the same, and there will be no changes in our business procedures in the near term; please continue to do business with Boise the way you did prior to this announcement. Your Boise contact will keep you fully informed of any developments that may affect you down the road.

        Enclosed for your information are a recent press release announcing this transaction and background information on both Boise and OfficeMax. If you have any questions, please contact your regular Boise representative or feel free to call me at [number].

        As always, thank you for your continued support. We believe this acquisition will enable us to significantly expand our capabilities, breadth, and financial and competitive strengths, providing new opportunities in the months and years ahead.

Sincerely,

[Name of Business Leader]
[Title]

Enclosures



Boise Cascade Corporation
Department (delete this line if not used)

Street Address (no commas) PO Box (Box #) City, ST Zip
T 000 000 0000 F 000 000 0000
Email Address

Name
Title

[Date]

Dear [Boise Paper/Building Products Customer]:

        I am pleased to inform you that Boise recently announced that it has reached a definitive agreement to acquire OfficeMax. This transaction has been approved by the boards of directors of both companies and is subject to approval by regulatory authorities and shareholders of both companies.

        This acquisition will leverage Boise's exceptional strength in the contract customer segment with OfficeMax's proven retail expertise and strong brand. Most importantly, we believe that with this acquisition, we will be better able to serve our customers across all segments and through all distribution channels. This transaction also supports Boise's goal of growing our distribution businesses.

        We also announced today that we are undertaking a comprehensive review of strategic alternatives for our Boise Paper Solutions and Boise Building Solutions businesses, to begin only on completion of the transaction with OfficeMax. Given the scale of the transaction with OfficeMax, it is only prudent that we undertake such a review.

        To ensure that this review will be comprehensive, we will consider a wide range of alternatives, ranging from no change in our business mix to potential restructurings, divestitures, spinoffs, and/or other business combinations. I want to assure you that no decisions have been made yet and, in fact, the review has not even begun. We will, of course, communicate with you promptly when any decisions are made. However, you should be aware that legal and regulatory requirements limit our ability to discuss the review process in any detail until after closing of the transaction with OfficeMax.

        Our most important priority is to make this process as seamless as possible for you, our valued customer. Your Boise contact person will remain the same, and there will be no changes in our business procedures in the near term; please continue to do business with Boise the way you did prior to this announcement. Your Boise contact will keep you fully informed of any developments that may affect you down the road.

        Enclosed for your information are a recent press release announcing the transaction and background information on both Boise and OfficeMax. If you have any questions, please contact your usual Boise representative or feel free to call me at [number].

        As always, thank you for your continued support. We believe that this acquisition, along with the strategic review, will enable us to maintain the capabilities, breadth, and financial and competitive strengths to serve you in the best manner possible.

Sincerely,

[Name of Business Leader]
[Title]

Enclosures



Boise Cascade Corporation
Department (delete this line if not used)

Street Address (no commas) PO Box (Box #) City, ST Zip
T 000 000 0000 F 000 000 0000
Email Address

Name
Title

[Date]

Dear [Boise Paper/Building Products Supplier]:

        I am pleased to inform you that Boise recently announced that it has reached a definitive agreement to acquire OfficeMax. This transaction has been approved by the boards of directors of both companies and is subject to approval by regulatory authorities and shareholders of both companies. Boise expects to complete the transaction in fourth quarter 2003.

        This acquisition will combine Boise Office Solutions' exceptional strength in the contract customer segment with OfficeMax's proven retail expertise and strong brand. OfficeMax's nearly 1,000 superstores, along with its direct-mail and consumer E-commerce capabilities, will allow the combined entities to better serve their customers. This transaction also supports Boise's goal of growing our distribution businesses.

        We also announced today that we are undertaking a comprehensive review of strategic alternatives for our Boise Paper Solutions and Boise Building Solutions businesses, to begin only on completion of the transaction with OfficeMax. Given the scale of the transaction with OfficeMax, it is only prudent that we undertake such a review.

        To ensure that this review will be comprehensive, we will consider a wide range of alternatives, ranging from no change in our business mix to potential restructurings, divestitures, spinoffs, and/or other business combinations. I want to assure you that no decisions have been made yet and, in fact, the review has not even begun. We will, of course, communicate with you promptly when any decisions are made. However, you should be aware that legal and regulatory requirements limit our ability to discuss the review process in any detail until after closing of the transaction with OfficeMax.

        Our relationships with our valued suppliers are critical to our success, and we are committed to making this process as seamless as possible for you. Your Boise contact person will remain the same, and there will be no changes in our business procedures in the near term; please continue to do business with Boise the way you did prior to this announcement. Your Boise contact will keep you fully informed of any developments that may affect you down the road.

        Enclosed for your information are a recent press release announcing the transaction and background information on both Boise and OfficeMax. If you have any questions, please contact your usual Boise representative or feel free to call me at [number].

        As always, thank you for your continued support. We believe that this acquisition, along with the strategic review, will enable us to significantly expand our capabilities, breadth, and financial and competitive strengths, providing new opportunities in the months and years ahead.

Sincerely,

[Name of Business Leader]
[Title]

Enclosures



Boise Cascade Corporation
Department (delete this line if not used)

Street Address (no commas) PO Box (Box #) City, ST Zip
T 000 000 0000 F 000 000 0000
Email Address

Name
Title

[Date]

Dear [Government Representative]:

        I am writing to inform you that we recently announced that Boise and OfficeMax have reached a definitive agreement under which Boise will acquire OfficeMax.

        We believe that combining OfficeMax's proven retail expertise and strong brand with Boise Office Solutions' strength in the contract customer segment will strengthen our business and competitive position and allow us to better serve our office products customers across all distribution channels. This announcement also supports Boise's goal of growing our distribution businesses.

        Over the next several months, we will determine the organizational structure that will be best suited to the combined office products business. We have not yet determined the locations in which the office products business will be headquartered or the locations that will continue to operate following the addition of OfficeMax. We expect to announce those decisions, as well as our other plans for managing the business, after the transaction closes, which we expect will be sometime this fall. In the meantime, Boise will continue to focus on its customers, as it always has.

        In addition, given the scale of this acquisition, it is only prudent that we undertake a review of the strategic direction of Boise as a whole by exploring strategic alternatives for our paper and building products businesses. Once the acquisition is completed, we will conduct a thorough evaluation and consider alternatives ranging from no change in our business mix to potential restructurings, divestitures, spinoffs, and/or other business combinations. We expect this process to take 12 to 18 months following the closing. I want to emphasize that no decisions have been made, and it would be unproductive to speculate about the results of this review. We will, of course, communicate with you promptly as soon as decisions are made. However, legal and regulatory requirements limit our ability to discuss this process in further detail until after the OfficeMax transaction is completed.

        The strength of the communities in which we work and live has always been key to Boise's success, and our commitment to these communities remains as strong as ever. As we move forward with our plans, we are committed to keeping you informed of developments so you will be aware of how your constituents may be affected. We have enclosed for your information the press release we issued, and I encourage you to visit our web site at www.bc.com for additional information in the weeks ahead.

        If you have any questions, please feel free to call me at [number]. As always, thank you for your continued support.

Sincerely,

[Guy Hurlbutt or local Government Affairs/Management Representative]



Boise Cascade Corporation
1111 West Jefferson Street PO Box 50 Boise, ID 83728
T 208 384 7557 F 208 384 4912

George J. Harad
Chairman and Chief Executive Officer

July 14, 2003

Dear Boise Retiree:

        As you may know, we recently announced that Boise and OfficeMax have reached a definitive agreement under which Boise will acquire OfficeMax.

        We believe that combining OfficeMax's proven retail expertise and strong brand with Boise Office Solutions' strength in the contract customer segment will strengthen our business and competitive position and allow us to better serve our office products customers across all distribution channels. This announcement also supports Boise's goal of growing our distribution businesses.

        Over the next several months, we will determine the organizational structure that will be best suited to the combined office products business. We expect to announce those decisions, as well as our other plans for managing the business, once the transaction closes. We expect this will take place sometime this fall.

        In addition, given the scale of this acquisition, it is only prudent that we undertake a review of the strategic direction of Boise as a whole by exploring strategic alternatives for our paper and building products businesses. Once the acquisition is completed, we will conduct a thorough evaluation and consider alternatives ranging from no change in our business mix to potential restructurings, divestitures, spinoffs, and/or other business combinations. We expect this process to take 12 to 18 months following the closing.

        I want to note particularly that this transaction will not in any way affect your retirement benefit, and you will continue to receive your monthly retirement payment in the usual manner.

        We have enclosed for your information the press release we issued concerning the announcement, and I encourage you to visit our website at www.bc.com for additional information in the weeks ahead. We are excited about the opportunities this acquisition will offer, and look forward to bringing these two great businesses together.

        As always, thank you for your continued support.

Sincerely,

George J. Harad
Chairman and Chief Executive Officer

Enclosure



Boise Cascade Corporation
1111 West Jefferson Street PO Box 50 Boise, ID 83728
T 208 384 7557 F 208 384 4912

George J. Harad
Chairman and Chief Executive Officer

July 14, 2003

Dear Boise Associate:

        Earlier today, we announced that Boise and OfficeMax have reached a definitive agreement under which Boise will acquire OfficeMax.

        I believe that combining OfficeMax's proven retail expertise and strong brand with Boise Office Solutions' strength in the contract customer segment will strengthen both of our businesses and allow us to better serve our office products customers across all distribution channels.

        Although we are very excited about the opportunities this transaction will create, we have not yet determined the answers to many of the questions you may have, such as where the office products business will be headquartered or which locations will continue to operate following the addition of OfficeMax. We plan to announce those decisions, as well as our other plans for managing the business, after the acquisition closes, which we expect will be sometime this fall. Until then, we are asking Boise Office Solutions associates to continue to focus on serving their customers as they always have.

        Over the next few months, we will be conducting a comprehensive review of our business model to determine how Boise Office Solutions and OfficeMax can best fit together. We understand that this situation may create uncertainty for you and your families, and we are committed to communicating with you promptly and fully once decisions have been made. I can assure you that this acquisition is being made with a full appreciation of the strengths of both Boise Office Solutions and OfficeMax and that any organizational changes will be designed to make these strong businesses even stronger.

        In addition, given the scale of this acquisition, it is only prudent that we undertake a review of the strategic direction of Boise as a whole by exploring strategic alternatives for our paper and building products businesses. Once the acquisition is completed, we will conduct a thorough evaluation and consider alternatives ranging from no change in our business mix to potential restructurings, divestitures, spinoffs, and/or other business combinations. We expect this process to take 12 to 18 months following the closing. I want to emphasize that no decisions have been made yet, and it would be unproductive to speculate about the results of this review. In fact, legal and regulatory requirements limit our ability to discuss this process in further detail until after the OfficeMax transaction is completed.

        During this time, we ask that you continue to work safely, focus on quality, and serve our customers. If you have any questions, please contact your supervisor or submit your questions to the Boise Associate Q&A Drop Box on the IntraOffice intranet. We will also be holding periodic associate meetings where you will be able to ask questions, and I encourage you to participate in those sessions.

        We will keep you informed of developments as we move forward. As always, thank you for your continued support.

Sincerely,

George J. Harad
Chairman and Chief Executive Officer


Boise Cascade Corporation
1111 West Jefferson Street PO Box 50 Boise, ID 83728
T 208 384 7557 F 208 384 4912

George J. Harad
Chairman and Chief Executive Officer

July 14, 2003

Dear Boise Employee:

        Earlier today, we announced that Boise and OfficeMax have reached a definitive agreement under which Boise will acquire OfficeMax.

        This step supports Boise's long-stated goal of growing our distribution businesses. We believe that combining OfficeMax's proven retail expertise and strong brand with Boise Office Solutions' strength in the contract customer segment will strengthen both our business and competitive position and allow us to better serve our office products customers across all distribution channels.

        Over the next several months, we will review the existing resources of Boise Office Solutions and OfficeMax and determine the structure we need to best accomplish our goals as a combined business. We expect to announce organizational decisions after the acquisition closes, probably in the fall.

        In addition, given the scale of this acquisition, it is only prudent that we undertake a review of the strategic direction of Boise as a whole by exploring strategic alternatives for our paper and building products businesses. Once the acquisition is completed, we will conduct a thorough evaluation and consider alternatives ranging from no change in our business mix to potential restructurings, divestitures, spinoffs, and/or other business combinations. We expect this process to take 12 to 18 months following the closing. I want to emphasize that no decisions have been made yet, and it would be unproductive to speculate about the results. In fact, legal and regulatory requirements limit our ability to discuss this process in further detail until after the OfficeMax transaction is completed.

        We understand that these circumstances create uncertainty for you and your families, and I want you to know that we are committed to communicating with you fully and promptly as decisions are made. All of our businesses are solid performers, and while the coming year may bring organizational change, any changes will be driven by the desire to bring our businesses to an even higher level of performance.

        In the meantime, we ask that you continue to work safely, focus on quality, and serve our customers. We can best contribute to our success within each of our jobs and as a company by striving to deliver the strongest possible results.

        If you have any questions, please raise them with your supervisor or submit them to the Boise Employee Q&A Drop Box on BoiseNet, and we will see to it that they are answered promptly. We will also be holding periodic employee meetings where you will be able to ask questions, and I encourage you to participate in those sessions.

        We will keep you informed of developments as we move forward. As always, thank you for your continued support.

Sincerely,

George J. Harad
Chairman and Chief Executive Officer



MEDIA TALKING POINTS


Additional Information About This Transaction

Boise and OfficeMax will file a joint proxy statement/prospectus and other documents regarding this transaction with the Securities and Exchange Commission. Boise and OfficeMax will mail the joint proxy statement/prospectus to their respective security holders. These documents will contain important information about this transaction, and we urge you to read these documents when they become available.

You may obtain copies of all documents filed with the Securities and Exchange Commission regarding this transaction, free of charge, at the SEC's website (www.sec.gov). You may also obtain these documents free from Boise at investor@bc.com, by contacting Boise's Corporate Communications Department at (208) 384-7990, or by contacting Michael Weisbarth at OfficeMax at (216) 471-6698.

Participants in This Transaction

Boise and OfficeMax and their respective directors and executive officers may be deemed participants in the solicitation of proxies from security holders in connection with this transaction. Information about the directors and executive officers of Boise and OfficeMax and information about other persons who may be deemed participants in this transaction will be included in the joint proxy statement/prospectus. You can find information about Boise's executive officers and directors in Boise's proxy statement (DEF14A) filed with the SEC on March 10, 2003. You can find information about OfficeMax's officers and directors in their proxy statement (DEF14A) filed with the SEC on May 1, 2003. You can obtain free copies of these documents from the SEC, Boise, or OfficeMax using the contact information above.




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OTHER COMMUNICATION MATERIALS
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