Office Depot bowed to its largest common shareholder and agreed to oust two board members to make room for three Starboard Value representatives.
The management challenge was playing out amid merger negotiations to bring together Office Depot (NYSE, ODP $4.01) and OfficeMax (NYSE: OMX, $10.32) to form a company better able to compete against office supply superstore industry leader Staples and online competitors like Amazon. Share prices for both companies are down about 5 percent in morning trading.
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