Office Depot (ODP) Rips as Activist Investor Takes Large Stake, Pushes to Unlock Value
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Starboard Value Discloses 13.3% Stake in Office Depot (ODP), Becomes Largest Holder
September 17, 2012 7:32 AM EDTStarboard Value LP (together with its affiliates, "Starboard"), today announced a 13.3% ownership stake in Office Depot, Inc. (NYSE: ODP), making it the Company's largest common shareholder. Starboard also delivered a letter to the Company's Chairman and CEO, Neil Austrian, and the Company's Board of Directors. In the letter, Starboard expressed that based on its detailed research and analysis, 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... More
