Office Depot (ODP) Rips as Activist Investor Takes Large Stake, Pushes to Unlock Value
Article
Related Press Releases (1)
Related Articles (1)
Related SEC Filings (1)
Stock Quotes (3)
Comments (0)
Tweet
Send to a Friend
Get Alerts ODP Hot Sheet
Up)
Trade ODP Now!
Office Depot (NYSE: ODP) shares are ripping higher in early trading today, following news that a large activist investor took a big position in the company.
In a release and Form 4 filed with the U.S. SEC earlier, Starboard Value Fund LP disclosed a new stake in the office supplies retailer to the tune of 13.3 percent. The firm also sent a letter to Neil Austrian, Chairman and CEO of Office Depot.
The letter highlights how Starboard feels Office Depot is "deeply undervalued and a substantial opportunity exists to improve the Company's performance and valuation based on actions that are within the control of Office Depot's management team and Board of Directors."
Shares of Office Depot are up over 10 percent, while Office Max (NYSE: OMX) is flat following a 14 percent run last Friday and Staples (Nasdaq: SPLS) is slightly lower.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
In a release and Form 4 filed with the U.S. SEC earlier, Starboard Value Fund LP disclosed a new stake in the office supplies retailer to the tune of 13.3 percent. The firm also sent a letter to Neil Austrian, Chairman and CEO of Office Depot.
The letter highlights how Starboard feels Office Depot is "deeply undervalued and a substantial opportunity exists to improve the Company's performance and valuation based on actions that are within the control of Office Depot's management team and Board of Directors."
Shares of Office Depot are up over 10 percent, while Office Max (NYSE: OMX) is flat following a 14 percent run last Friday and Staples (Nasdaq: SPLS) is slightly lower.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Amid Richer Bid, Large Shareholder Group Opposes New Clearwire (CLWR) Deal
- Canadian Solar (CSIQ) Continues Higher Following Arbitration Win Over LDK (LDK)
- Royalty Pharma Raises Elan (ELN) Bid to $12.50/share
Create E-mail Alert Related Categories
Hedge Funds, Mergers and Acquisitions, Momentum Movers
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
