NEW YORK — The Boston hedge fund K Capital yesterday said it may sell some of its OfficeMax Inc. shares. That helped send the number three office supplier’s stock down 11.5 percent, to its lowest close since July 2003.
The fund, with an 8.4 percent stake in the company, also said it does not intend to initiate a proxy fight to change the slate of directors at the company, despite its continued dissatisfaction. K Capital said it still believes OfficeMax’s stock is undervalued and that a breakup or sale of the company may be in shareholders’ best interest.
