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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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Retailers hit hard by superstorm, economy expected to rebound
New York -- While it may be days, even weeks, before the full extent of the damage caused by Hurricane Sandy is known, economists are forecasting that retail sales will be impacted in October and November but that the economy overall will experience an uptick.