News & Resources

Activist Client Starboard Blasts Office Depot’s Recently Adopted Poison Pill

November 16, 2012

The Wall Street Journal, Barron’s, Reuters and other national media reported on a press release and letter issued by Starboard denouncing Office Depot’s recent adoption of a "poison pill” targeted at Starboard. Starboard believes the poison pill is part of a scheme designed to preserve and entrench Office Depot’s Board of Directors at the expense of shareholders.  Starboard has called on the Board to immediately revoke the ill-advised poison pill and take such other actions necessary to limit the Board’s excessive voting control over the Company. Starboard is the largest common shareholder of Office Depot with a 14.8% ownership stake.  Steve Wolosky, Andrew M. Freedman and Jason W. Soncini represent Starboard in connection with its activist investment at Office Depot.