Office Depot Must Hold Election Despite Merger Plan, Suit Says

Law360, Wilmington (June 14, 2013, 9:53 PM EDT) -- A major common stockholder of Office Depot Inc. sued the company Thursday to force it to have its annual shareholder meeting regardless of when the proposed $1.2 billion merger with rival OfficeMax Inc. closes.

Starboard Value LP has been attempting to gather shareholder support for its four nominees to Office Depot's board of directors and its affiliate, Starboard Value and Opportunity Master Fund Ltd., filed a lawsuit in the Delaware Chancery Court that, if successful, could compel an election.

“The proposed merger provides no basis for...
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