Office Depot, Starboard Strike Last-Minute Deal Over Board

Law360, New York (August 21, 2013, 12:32 PM EDT) -- Office Depot Inc. reached a last-minute settlement with its largest shareholder Wednesday, agreeing ahead of its annual meeting to bring three Starboard Value LP nominees onto the board and guarantee two of them slots on the combined board should a merger with OfficeMax Inc. go through.

Two incumbent directors, former U.S. Navy Adm. Marsha Evans and venture capitalist Scott Hedrick, will resign Thursday. In their place, former Staples Inc. executive Joseph Vassalluzzo, veteran retail director Cynthia Jamison and Starboard CEO Jeffrey Smith will join the board,...
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