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Office Depot, Inc. Message Board

  • twodogs80 twodogs80 Dec 22, 2010 11:01 AM Flag

    ODP Stock Jumps 5% after SEC 8K Filing

     

    http://www.dailyfinance.com/quotes/office-depot-inc/odp/nys

    OFFICE DEPOT INC
    5.10 0.26 5.37% up 5% on SEC filing telegraphing possible sale or merger of Office Depot (ODP NYSE)
    as of 09:45 AM EST on 12/22/2010 in USD (NYSE Delay: 15 mins.)


    Marketwires Stockwatch:
    Boca Raton, FL
    December 22, 2010
    (Compiled by DRS market services and watches)

    On December 21, 2010 Office Depot (ODP NYSE) filed an SEC 8K disclosing Change in Control (CIC) agreements with BSD President Steve Schmidt, and company officers Charlie Brown and Michael Newman. The CIC agreement may be foreshadowing of major changes in ownership and control at the beleaguered office supply company. With the departure of disgraced CEO Steve Odland after the company agreed to a $1 million dollar SEC investigation settlement and the continued loss of market share to rival industry leader Staples (SPLS NYSE), industry analysts have been opining that the only course to save the company would be a merger, buyout or piece-meal selling of assets. The sale of operations in Israel and Japan recently have done nothing to dampen the bleak out look that Depot’s only path to survival is through a buyout or merger. Compounding the problems facing a buyout or merger are the contingent liabilities associated with as many as 12 current ongoing federal and state fraud investigations into the companies government contracts and pricing. What is clear is that any change in ownership will be fraught with difficulties as the new ownership will have to navigate investigations, poor morale and uncertainty as to market direction. Even with the difficulties associated with these options, they may be the only choice left if Office Depot is to continue operations in any form in the coming years.

    http://biz.yahoo.com/e/101221/odp8-k.html


    Form 8-K for OFFICE DEPOT INC
    ----------------------------------------------------- ---------------------------

    21-Dec-2010

    Change in Directors or Principal Officers, Financial Statements and Exhibits



    Item 5.02 Departure of Directors or Certain Officers; Election of Directors;

    personal uncertainties and risks that inevitably arise when a change of control is threatened or pending.

    � Upon consummation of a merger or consolidation of the Company with any other corporation (subject to certain exceptions); or

    � Upon a sale or disposition by the Company of all or substantially all of the Company's assets, other than a sale to an exempt person; or

    � Upon approval by shareholders of a plan of complete liquidation or dissolution of the Company.

    This topic is deleted.
 
ODP
9.37+0.07(+0.75%)Feb 27 4:00 PMEST

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