Starboard Value foregoes Office Depot consent solicitation

New York – Investment firm Starboard Value, a shareholder in Office Depot, is foregoing a preliminary consent solicitation it filed against Office Depot in April in light of an order by the Delaware Chauncery Court for Office Depot to hold its annual meeting. Starboard Value had been pressing Office Depot to hold its annual meeting and commenced a consent solicitation to remove several existing directors in favor of Starboard's nominees.

Starboard, which supports the proposed Office Depot-OfficeMax merger, will seek the election of four of its candidates to the Office Depot board at the company’s annual meeting.