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News Breaks | | | | March 18, 2013 | | 10:05 EDT |  | ODP, OMX | Starboard value nominates six candidates to Office Depot board
Starboard Value, the largest common shareholder of Office Depot (ODP) with a 14.8% ownership stake, announced that it has delivered a letter to the Board of Directors of Office Depot. In the letter, Starboard stated its belief that the Board must be significantly reconstituted now, whether Office Depot continues as a stand-alone company or as a merged company with OfficeMax Incorporated (OMX). Starboard explained that a new and improved Board is needed to: (1) act to immediately improve the current operating performance of the business on a stand-alone basis and to be in position to maximize the longer term synergies with OfficeMax, if the merger is approved, (2) select a committee of Office Depot directors to work with a committee of OfficeMax directors to conduct a process to select a CEO of the combined company, and (3) contribute the most highly-qualified directors possible to the combined Office Depot / OfficeMax board. Accordingly, Starboard is nominating six highly-qualified candidates for election to the Board who have the well-balanced mix of skill sets to ensure that the company openly evaluates all strategic alternatives and successfully addresses the challenges ahead. Starboard cautioned that waiting for a shareholder meeting to add these highly-qualified candidates on the Board is a mistake and if the Board does not immediately engage with Starboard to reconstitute the Board, then Office Depot should schedule its annual meeting of shareholders for a date prior to the potential consummation of the merger with OfficeMax so that Office Depot shareholders can choose who they want to represent them at this critical time. | |
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News For ODP;OMX From The Last 14 Days Check below for free stories on ODP;OMX the last two weeks. |
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| May 9, 2013 | | 06:02 EDT | | ODP | Acacia Research subsidiary enters into license agreement with Office Depot
 Subscribe for More Information | | | May 7, 2013 | | 10:58 EDT | | ODP, OMX | OfficeMax sees sales declines at less negative rate than in Q1 for rest of year
Says sales weakness that experienced in late 2012 deepened more than expected in Q1. Sees cost synergy opportunity of $400M-$600M by the third year following close of Office Depot (ODP) transaction. Says will continue to make investments in e-commerce platform. Sees sales declines continuing through the year, but at less negative rate than in Q1. Says expects to close a total of 15-20 stores this year, along with selective relocations and downsizes. Says will introduce smaller format store in 2013 in Milwaukee and Portland as pilot program, says new format stores geared specifically towards small business customers. Comments made on the Q1 earnings conference call. | | | 07:11 EDT |  | OMX | OfficeMax sees FY13 revenue to be lower than FY12, consensus $6.88B
Subscribe for More Information | | | 07:10 EDT | | OMX | OfficeMax sees Q2 revenue to be lower than a year ago, consensus $1.59B
Sees April sales trends continue to be negative. Sees Q2 total company sales to be lower than a year ago, including favorable impact of foreign currency translation. The company also expects Q2 operating income margin to remain positive, but signifancatly lower than the adjusted margin for hte prior year period. | | | 07:09 EDT | | OMX | OfficeMax reports Q1 adjusted EPS 11c, consensus 23c
Subscribe for More Information | | | 07:06 EDT | | OMX | OfficeMax announces special dividend of $1.50 per common share
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