Negotiations broke down between Office Depot board members and the activist shareholder trying to unseat four directors hours before what could be the company’s final annual shareholders meeting.
Board directors selected Wednesday will usher in a new company, if Boca Raton-headquartered Office Depot (NYSE: ODP, $4.24) and OfficeMax (NYSE: OMX, $10.94) are approved to merge by federal regulators. Both groups of shareholders overwhelmingly approved the plan in July, which should make the companies more able to compete with industry leader Staples and online suppliers such as Amazon. A joint company is anticipated to have $18 billion in annual sales, which still falls short of Staples.
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Under fire from Starboard Value
Current opposed board members:
Starboard replacement nominees:
Jeffrey C. Smith