Starboard withdraws consent soliciation, in favor of OfficeMax merger

theflyonthewall.com

Starboard Value announced that it is pleased that the Delaware Chancery Court ordered Office Depot (ODP) from delay or postponement of its 2013 Annual Meeting. Starboard had been pressing Office Depot for several months to schedule its 2013 Annual Meeting and commenced a consent solicitation to remove several existing directors in favor of Starboard's nominees. Based upon the court order, Starboard also announced it has decided to forego its consent solicitation and instead seek the election of four of its candidates. While Starboard is in favor of the OfficeMax (OMX) Merger, it continues to strongly believe that the Office Depot Board must be significantly enhanced now with new, highly-qualified directors. Starboard said it is extremely disappointed and frustrated by the board's failure to work constructively with Starboard to reconstitute the Board in a manner consistent with the best interests of the company's shareholders.

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