Grupo Gigante, the Mexican retail giant had formally sent an offer of 8.78 billion pesos or US$687.34 million for a fifty percent stake in the local subsidiary of US supply store chain Office Depot. This new offer is for the interest over shares that it does not yet own.

Gigante, whose core businesses include supermarkets and restaurants had put a time frame on its offer made to Office Depot via Mexico's Stock Exchange. Earlier in the week, the company was considering available options as to its existing fifty percent stake in Office Depot's local unit. Gigante has owned half of the Office Depot Mexico since 2008.

Just last month, the Mexican retailer had agreed on a joint venture with Petco Animal Supplies, the US pet product supplier. The venture would go into the opening of at least fifty retail stores in Mexico and other Latin American countries over a period of seven years.