Office Depot investor sues company over lack of annual shareholder meeting
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Starboard Value LP has sued Office Depot (ODP) for failing to hold an annual shareholder meeting, citing that the company has not held an annual meeting in 13 months. Starboard believes Office Depot does not intend to elect directors to the board at the special shareholders meeting to be held on July 10th and stated that the impending merger does not give the company the right to not hold the meeting. Starboard Value, which holds 15% or 42 million shares of company stock, intends to nominate different members to the board, citing lack of retail experience with its current board. Office Depot is seeking regulatory approval for its $937M stock purchase of OfficeMax and has yet to announce a new name, CEO, or location of corporate headquarters.