Starboard To Wage Proxy Fight Before Office Depot's Big Deal

By Liz Hoffman (June 26, 2013, 4:13 PM EDT) -- Office Depot Inc.'s largest shareholder said Wednesday it will seek to replace four directors ahead of a planned merger with OfficeMax Inc., after scoring a win in Delaware court to force the company to hold elections soon.

Starboard Value LP has said it will vote its 14.7 percent stake in support of the $1.2 billion stock swap, which will combine the country's second- and third-largest office supply chains in the face of increased competition from online and big-box retailers.

But in the meantime, the New York-based activist fund isn't dropping its campaign for change at Office Depot, which it has been...

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