I have a bad feeling about this. No announcement as promised, and lame news about lame things. This is the usual run-up to an announcement that the company has once again managed a red quarter. The numbers might not look as bad with the sale of the Mexican unit included, but take that out and see what you get. All the while they are giving large amounts of stock to the crooks running the show for their "great" work.
If something doesn't happen soon, Austrian and his cronies will own half of the company with all the ridiculous options they are being given. I would love a job like that: Run a losing company and get rich at the expense of the shareholders. Seems to be a lot of that going around these days.
The only driver other than 3Q performance is the impact of the post merger liquidation impact of 2.69 shares ODP / OMX or 234 million shares added to market (a $0.15 premium on today's OMX price). Post merger they will be about 530M O/S (includes dilution of all OMX change in control exercised).
3Q for both should be decent (excluding ex-items). Need to get the merger happening to start cutting costs and moving forward.
Insiders only own 17%. Their options are at current prices so they have every incentive to make them pop after they get them at year-end. Then there's the change in control costs...
"Their options are at current prices"
Take a look at what Austrian gets if he manages to hang on for a while. He is greedy just like all the other CEOs out there, but his seems worse considering the health of the company.