Office Depot shareholder urges co to explore sale of Mexican JV

Wed Feb 27, 2013 7:24am EST

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Feb 27 (Reuters) - Office Depot Inc's largest shareholder, Starboard Value LP, urged the stationery retailer to explore the sale of its Office Depot De Mexico joint venture interest.

Starboard, which owns a 14.8 percent stake in the company, said in a letter to the company's board it believes the value of Office Depot's 50 percent joint venture interest in the Mexican business is not fully reflected in the retailer's stock price.

Office Depot said last week it would merge with smaller rival OfficeMax Inc in a $976 million all-stock deal.

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