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