Office Depot Urges Shareholders To Vote In Favor Of Its Director Nominees

(RTTNews) - Office products retailer Office Depot Inc. (ODP) sent a letter to all shareholders urging them to vote the white proxy card in favor of its ten director nominees and their ongoing efforts to successfully close the OfficeMax Inc. (OMX), transaction and unlock significant value for all shareholders. The annual meeting of shareholders will be held on August 21, 2013.

Office Depot urged its shareholders to disregard any proxy materials from Starboard Value, LP, an activist investor in the Company's stock which is threatening to throw the Company's recent progress off track.

Office Depot's Board strongly believes that at this time the insertion of Starboard's nominees into the preparation process around the Company's planned merger with OfficeMax would imperil the continued, successful implementation of its strategic plan and integration.

According to Office Depot, Starboard's purported plan for the Company, which they unveiled just a few weeks ahead of the annual meeting, also threatens Office Depot's core operational improvements by pushing the Company to make outsized cuts in critical business functions.