June 26 Hedge fund Starboard Value LP, the largest shareholder of Office Depot Inc, said on Wednesday it has decided to forego its consent solicitation at the office products retailer and plans to seek the election of four people to the company's board of directors.
In April, Starboard said it had filed a preliminary consent solicitation with U.S. securities regulators allowing it to seek shareholder approval of its proposals absent a shareholder meeting. It sued the company earlier this month for not holding an annual meeting.
Late on Tuesday, a Delaware court ordered Office Depot to hold an annual shareholder meeting on the date the company previously established, Aug. 21.
In light of the order, Starboard said it was abandoning its consent solicitation and would seek to elect four of its candidates to the Office Depot board. The candidates include Jeffrey Smith, Starboard's chief executive, and Robert Nardelli, former CEO of Home Depot Inc.
An Office Depot spokesman was not immediately available to comment.