An investigation on behalf of investors of Office Depot Inc (NASDAQ:ODP) in connection with the proposed takeover was announced and NASDAQ:ODP stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/09/2015 -- An investigation on behalf of investors, who currently hold shares of Office Depot Inc (NASDAQ:ODP), was announced concerning whether the takeover of Office Depot Inc. by Staples, Inc for a value of $11.00 per share is unfair to NASDAQ:ODP stockholders.
Investors who purchased shares of Office Depot Inc (NASDAQ:ODP) and currently hold any of those NASDAQ:ODP shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Office Depot Inc breached their fiduciary duties owed to NASDAQ:ODP investors in connection with the proposed acquisition.
On February 4, 2015, Staples, Inc. (Nasdaq: SPLS) and Office Depot Inc (NASDAQ:ODP) announced that the companies have entered into an agreement under which Staples will acquire all of the outstanding shares of Office Depot Inc (NASDAQ:ODP). Under the terms of the agreement, Office Depot Inc (NASDAQ:ODP) shareholders will receive, for each NASDAQ:ODP share,$7.25 in cash and 0.2188 of a share in Staples stock at closing. Based on Staples closing share price onFebruary 2, 2015, the last trading day prior to initial media speculation around a possible transaction, the transaction values Office Depot Inc (NASDAQ:ODP) at $11.00 per share.
However, the investigation concerns whether the offer is unfair to NASDAQ:ODP stockholders. More specifically, the investigation concerns whether the Office Depot Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Office Depot Inc reported that its Total Revenue rose from over $10.69 billion for the 52 weeks period that ended on Dec. 29, 2012 to over $11.24 billion for the 52 weeks period that ended on December 28, 2013 and that its Net Loss for those respective time periods decreased from $77 million to $20 million.
Shares of Office Depot Inc (NASDAQ:ODP) grew from $1.53 per share in August 2012 to as high as $5.90 per share in September 2014.
On February 4, 2015, NASDAQ:ODP shares closed at $9.48 per share.
Those who are current investors in Office Depot Inc (NASDAQ:ODP) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com