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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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HSN profit falls 27% in Q3
St. Petersburg, Fla. -- Multichannel retailer HSN Inc. reported Wednesday that net income for the third quarter dropped 27.2% to $17.7 million, from $24.3 million in the year-ago period. Results still beat Wall Street projections.
Revenue rose 7.1% to $778.8 million, beating analysts’ estimated $747.1 million in revenue.
The company has now seen profit fall in two consecutive quarters, but it has beaten Wall Street estimates for three quarters in a row.