NEW YORK Office Depot Inc ODP.N on Monday said it will hold its annual shareholder meeting on August 21, after its top investor sued the second-largest U.S. office supply retailer for not holding one in the past year to elect directors.
Last week, Starboard Value LP said in a complaint filed with the Court of Chancery in Delaware that Office Depot had not held an annual shareholder meeting for 13 months.
The activist investor has nominated six members, including Starboard co-founder and CEO Jeffrey Smith and former Home Depot CEO Robert Nardelli, for the Office Depot board.
It cited the lack of retail experience among current board members and stressed the need to reconstitute the board whether or not its proposed merger with rival OfficeMax Inc OMX.N takes place.
Office Depot shareholders of record on July 11 will be eligible to vote at the annual shareholders meeting, it said in a statement on Monday.
The retailer revealed plans in February to buy OfficeMax in an all-stock deal worth $937.2 million. They have not yet decided on the combined entity's name, headquarters or CEO. The companies are awaiting regulatory and investor approval.
(Reporting by Dhanya Skariachan, editing by G Crosse)