In a statement, Office Depot Inc, after discussions with its largest investor Starboard Value LP, is extending its deadline in the nomination of candidates to fill the seats of its Board of Directors during its next annual meeting. No reason was given for the changes made and Starboard Value holds 14.8 percent of Office Depot common shares.
This announcement comes after the supplies store would be merging with rival OfficeMax Inc through an all stock deal estimated at US$1.7 billion. The value is based on each of the individual share prices of the companies on the day prior to the merger announcement. Office Depot shares rose by 8.3 percent to US$4.31 while OfficeMax shares were up 8.6% to US$12.64.
As a result, stockholders of Office Depot would have until the close of business hours on the tenth day after the announcement of the 2013 annual meeting date to nominate its new board.
Join the Conversation