Hedge Fund Urges Office Depot To Sell Mexican JV

Law360, New York (February 27, 2013, 2:10 PM EST) -- Starboard Value LP, the biggest holder of Office Depot Inc.'s common stock, urged the company Wednesday to sell its 50 percent interest in its Mexican subsidiary, refusing to drop its activist stance ahead of a proposed $1.2 billion dollar merger with OfficeMax Inc.

Starboard, which owns 14.8 percent of Boca Raton, Fla.-based Office Depot, wants the company's board to accept a $690.5 million buyout offer from its partner, Mexican retail giant Grupo Gigante SAB de CV, to take over the joint venture. The offer was extended...
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