Starboard Spurns Office Depot Compromise In Proxy Fight

Law360, New York (August 14, 2013, 4:26 PM EDT) -- Activist hedge fund Starboard Value LP on Wednesday rebuffed Office Depot Inc.'s offer to appoint a trio of its board nominees, saying the company's stab at compromise in an ongoing proxy fight was "flawed and unprofessional."

Office Depot's offer, which came after Starboard convinced a Delaware court to force the elections, hinged on the re-election of a pair of directors who sit on the company's CEO selection committee. Under the deal's terms, if incumbent board members Tom Colligan and Marsha Evans held their seats, then three...
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