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Office Depot adopts poison pill defense
Boca Raton, Fla. -- Office Depot Inc. said Tuesday it has approved a poison pill defense to preclude investor Starboard Value LP from waging a takeover of the company.
The activist investor became the office-supply retailer’s largest shareholder last month and has begun pushing for changes.
The poison pill is a shareholder rights plan that would give its investors additional shares if one entity surpasses 15% ownership. Starboard owned 14.8% as of Oct. 12.
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Walgreens launches recovery efforts, 500+ stores still closed
Deerfield, Ill. -- Walgreens said Tuesday that it is beginning its recovery efforts in the wake of Hurricane Sandy. The retailer said that it is working to provide its stores with what they need to again serve customers in areas impacted by the storm.
By noon ET on Tuesday, the number of Walgreens stores closed dropped to 530 with more re-opening by the hour, from a peak of about 750 stores closed during the height of the storm.