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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS
THERETO FILED PURSUANT TO RULE 13d-2(a)
Amendment No. 6
OfficeMax Incorporated
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(Name of Issuer)
Common Stock, par value $2.50 per share
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(Title of Class of Securities)
67622P101
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(CUSIP Number)
Robert T. Needham
K Capital Partners, LLC
75 Park Place
Boston, MA 02116
(617) 646-7728
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
December 27, 2005
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(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the
following box [ ].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP No. 67622P101 SCHEDULE 13D Page 2
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1 NAME OF REPORTING PERSON
K Capital Offshore Master Fund (U.S. Dollar), L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
N/A
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
WC
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d)
or 2(e)
[ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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7 SOLE VOTING POWER
2,180,325 shares of Common Stock
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NUMBER OF 8 SHARED VOTING POWER
SHARES 0 shares of Common Stock
BENEFICIALLY
OWNED BY ---------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 2,180,325 shares of Common Stock
PERSON
WITH ----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares of Common Stock
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
2,180,325 shares of Common Stock
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See
Instructions) [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.08%
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14 TYPE OF REPORTING PERSON (See Instructions)
PN
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CUSIP No. 67622P101 SCHEDULE 13D Page 3
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1 NAME OF REPORTING PERSON
Special K Capital Offshore Master Fund (U.S. Dollar), L.P.
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
N/A
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
WC
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d)
or 2(e)
[ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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7 SOLE VOTING POWER
3,783,830 shares of Common Stock
----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 0 shares of Common Stock
BENEFICIALLY
OWNED BY ----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 3,783,830 shares of Common Stock
PERSON
WITH ----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares of Common Stock
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
3,783,830 shares of Common Stock
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See
Instructions) [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.345%
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14 TYPE OF REPORTING PERSON (See Instructions)
PN
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CUSIP No. 67622P101 SCHEDULE 13D Page 4
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1 NAME OF REPORTING PERSON
K Capital Partners, LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
N/A
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
AF
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d)
or 2(e)
[ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
5,964,155 shares of Common Stock
---------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 0 shares of Common Stock
BENEFICIALLY
OWNED BY ---------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 5,964,155 shares of Common Stock
PERSON
WITH ---------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares of Common Stock
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
5,964,155 shares of Common Stock
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See
Instructions) [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.424%
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14 TYPE OF REPORTING PERSON (See Instructions)
OO
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CUSIP No. 67622P101 SCHEDULE 13D Page 5
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1 NAME OF REPORTING PERSON
Harwich Capital Partners, LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
N/A
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
AF
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d)
or 2(e)
[ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
5,964,155 shares of Common Stock
----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 0 shares of Common Stock
BENEFICIALLY
OWNED BY ----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 5,964,155 shares of Common Stock
PERSON
WITH ----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares of Common Stock
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
5,964,155 shares of Common Stock
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See
Instructions) [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.424%
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14 TYPE OF REPORTING PERSON (See Instructions)
OO
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CUSIP No. 67622P101 SCHEDULE 13D Page 6
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1 NAME OF REPORTING PERSON
Abner Kurtin
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
N/A
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
AF
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d)
or 2(e)
[ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
5,964,155 shares of Common Stock
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 0 shares of Common Stock
BENEFICIALLY
OWNED BY ----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 5,964,155 shares of Common Stock
PERSON
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0 shares of Common Stock
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY REPORTING PERSON
5,964,155 shares of Common Stock
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See
Instructions) [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.424%
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14 TYPE OF REPORTING PERSON (See Instructions)
IN
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INTRODUCTION
This Amendment No. 6 (this "Amendment") relates to the Schedule 13D filed
on behalf of K Capital Offshore Master Fund (U.S. Dollar), L.P., Special K
Capital Offshore Master Fund (U.S. Dollar), L.P. (collectively, the
"Partnerships"), K Capital Partners, LLC (the "General Partner"), Harwich
Capital Partners, LLC ("Harwich") and Abner Kurtin (collectively, the "Reporting
Persons") with the Securities and Exchange Commission on February 25, 2005, as
amended by Amendment No. 1 filed on March 11, 2005, Amendment No. 2 filed on
April 11, 2005, Amendment No. 3 filed on April 25, 2005, Amendment No. 4 filed
on October 27, 2005 and Amendment No. 5 filed on November 14, 2005 (the
"Schedule 13D"), relating to shares of common stock, par value $2.50 per share
("Common Stock"), of OfficeMax Incorporated (the "Company").
Items 4 and 5 of the Schedule 13D are amended and supplemented as follows:
Item 4. Purpose of Transaction.
On November 14, 2005, K Capital, on behalf of the Reporting Persons,
delivered a letter to the Company's board of directors (the "Board"). A copy of
the letter was also issued as a press release on November 14, 2005. The letter
expressed the Reporting Person's dissatisfaction with the Company's financial
and operating performance and the Board's refusal to listen to its shareholders,
accept responsibility for the destruction of value and hold management
accountable. In addition, the Reporting Persons called for the Board and
management to (i) present a detailed turnaround plan with sufficient support for
the rationale, cost, benefits, risks and time requirements for each significant
program as well as various benchmarks so that shareholders will have the ability
to assess the Company's actual performance versus the plan; (ii) create a
committee of independent Board members to assess the strategic value of the
Company and to hire a separate financial advisor to work with the committee to
provide additional credibility; (iii) declassify the Board so that all directors
stand for election at the 2007 annual meeting, remove the poison pill and
provide shareholders with the ability to call special meetings and (iv) commit
to holding its 2006 and 2007 annual meetings of shareholders on time and to take
no further actions to frustrate shareholders' legitimate rights to implement
change.
As of December 26, 2005, the Reporting Persons had not received a
response from the Company and remain dissatisfied with the Company's performance
and failure to increase stockholder value.
The Reporting Persons review on a continuing basis their investment in the
Company. Based upon such review, the Reporting Persons believe that the market
price of the Common Stock does not fully reflect its intrinsic value and that
extraordinary corporate action, such as a break up or sale of the Company may be
required to realize that intrinsic value. The Reporting Persons have previously
communicated with the Board indicating their view that the Common Stock of the
Company is undervalued, and that the Company should seek to break up the Company
and sell one or more of its components in order to maximize the value of such
Common Stock. The Reporting Persons may seek further communications with the
Company, other industry observers and participants and other
stockholders regarding the value of the Common Stock and possible strategic
transactions, and may take other actions to ensure that strategic alternatives
are considered. This may lead to consideration of transactions of the type
described in subparagraphs (a) through (j) of Item 4 of the Instructions to
Schedule 13D.
The Reporting Persons have determined, however, to reduce their focus on
investments in the United States and instead devote increased management time
and attention to their core investments in European special situations. Thus,
although the Reporting Persons strongly believe that the Common Stock of the
Company is undervalued and that a break-up or sale of the Company may be
required for shareholders to realize the intrinsic value of their investment,
the Reporting Persons do not plan to devote the resources necessary to conduct a
proxy solicitation in connection with the election of directors at the Company's
2006 Annual Meeting. The Reporting Persons would, however, endorse the efforts
of other stockholders to initiate and conduct a proxy contest in connection with
the 2006 Annual Meeting.
Additionally, to the extent deemed advisable by the Reporting Persons in
light of their reduced focus on U.S. investments, general investment policies,
internal fund requirements, market conditions (including price and liquidity),
investment alternatives, subsequent developments affecting the Company and the
general business and future prospects of the Company, the Reporting Persons may
sell some portion of their investment in the Company in the open market, in
privately negotiated transactions or otherwise. While the Reporting Persons may
sell some portion of their investment, the Reporting Persons expect to maintain
a significant investment in the Company, notwithstanding any such sales.
The Reporting Persons also intend to continue to explore all alternatives
available to maximize the value of their investment, including without
limitation (i) the alternatives described above, (ii) the purchase of additional
Common Stock in the open market, in privately negotiated transactions or
otherwise and (iii) the sale of all or a portion of the Common Stock now owned
or hereafter acquired by them in the open market, in privately negotiated
transactions or otherwise. The Reporting Persons reserve the right to change
their plans or intentions and to take any and all actions that they may deem
appropriate with respect to their investment in the Company.
Item 5. Interest in Securities of the Issuer
(a) As of the date hereof, the Reporting Persons have the following
interests in the Common Stock of the Company, based on the Company's disclosure
in its Form 10-Q filed on November 3, 2005, that as of October 31, 2005, the
Company had 70,798,868 shares of Common Stock outstanding:
(i) K Capital Offshore Master Fund (U.S. Dollar), L.P.
beneficially owns 2,180,325 shares, or 3.08%, of the Company's
Common Stock.
(ii) Special K Capital Offshore Master Fund (U.S. Dollar), L.P.
beneficially owns 3,783,830 shares, or 5.345%, of the
Company's Common Stock.
-2-
(iii) The General Partner, as general partner of the Partnerships,
may be deemed to beneficially own 5,964,155 shares, or 8.424%,
of the Company's Common Stock.
(iv) Harwich, as managing member of the General Partner, may be
deemed to beneficially own 5,964,155 shares, or 8.424% of the
Company's Common Stock.
(v) Abner Kurtin, as managing member of Harwich, may be deemed to
beneficially own 5,964,155 shares, or 8.424%, of the Company's
Common Stock.
Each of the General Partner, Harwich and Mr. Kurtin disclaims
beneficial ownership of the shares of Common Stock owned by the Partnerships.
(b) The table below sets forth for each Reporting Person the number of
shares of Common Stock for which there is sole or shared power to vote or to
direct the vote, or sole or shared power to dispose or to direct the
disposition, of the Common Stock:
Special K
K Capital Capital
Offshore Offshore
Master Master Harwich
Fund (U.S. Fund (U.S. K Capital Capital
Dollar), Dollar), Partners, Partners, Abner
L.P. L.P. LLC LLC Kurtin
---- ---- --- --- ------
Sole Power to Vote/ Direct
Vote 2,180,325 3,783,830 5,964,155 5,964,155 5,964,155
Shared Power to Vote/
Direct Vote 0 0 0 0 0
Sole Power to Dispose/
Direct Disposition 2,180,325 3,783,830 5,964,155 5,964,155 5,964,155
Shared Power to Dispose/
Direct Disposition 0 0 0 0 0
(c) There have been no purchases or sales of the Company's stock by any of
the Reporting Persons within the last sixty days, except that:
On November 17, 2005, K Capital Partners, LLC, on behalf of a
separately managed account, sold 59,943 shares of Common Stock on
the open market, at an average price of $29.87 per share.
On November 21, 2005, K Capital Offshore Master Fund (U.S. Dollar),
L.P. sold 9,310 shares of Common Stock on the open market, at an
average price of $29.88 per share.
On November 21, 2005, Special K Capital Offshore Master Fund (U.S.
Dollar), L.P. sold 15,690 shares of Common Stock on the open market,
at an average price of $29.88 per share.
-3-
(d) No person other than each respective owner of Common Stock referred to
in this Amendment is known to have the right to receive or the power to direct
the receipt of dividends from or the proceeds from the sale of such Common
Stock.
(e) Not applicable.
-4-
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: December 27, 2005
K CAPITAL PARTNERS, LLC
By: Harwich Capital Partners, LLC, managing member
By: /s/ Robert T. Needham
-----------------------
Name: Robert T. Needham
Title: Chief Administrative Officer
HARWICH CAPITAL PARTNERS, LLC
By: /s/ Robert T. Needham
-----------------------
Name: Robert T. Needham
Title: Chief Administrative Officer
K CAPITAL OFFSHORE MASTER FUND (U.S. DOLLAR), L.P.
By: K Capital Partners, LLC, general partner
By: Harwich Capital Partners, LLC, managing member
By: /s/ Robert T. Needham
-----------------------
Name: Robert T. Needham
Title: Chief Administrative Officer
SPECIAL K CAPITAL OFFSHORE MASTER FUND (U.S. DOLLAR), L.P.
By: K Capital Partners, LLC, general partner
By: Harwich Capital Partners, LLC, managing member
By: /s/ Robert T. Needham
-----------------------
Name: Robert T. Needham
Title: Chief Administrative Officer
ABNER KURTIN
/s/ Abner Kurtin
- ----------------------
Abner Kurtin