Office Depot (ODP) Rips as Activist Investor Takes Large Stake, Pushes to Unlock Value
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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.
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.
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