Dallas, Texas 08/22/2013 (Financialstrend) – Office Depot Inc (NYSE:ODP) had recently proved successful to strike a deal with its major investor, the Starboard Value LLP through which the investor would be allowed to nominate three new directors to the board of the company. This deal had proved effective to put off an embarrassing defeat that could have potentially occurred in the annual shareholder meeting of the retailer. In line with this recent settlement between the two parties, it becomes necessary that the two directors Marsha J. Evans and W. Scott Hedrick will have to submit their resignation so that the three nominees of Starboard, Jeffrey Smith, Cynthia Jamison and Joseph Vassalluzzo would find their positions in the board.
It is expected that this changeover in the Board of Directors of Office Depot Inc (NYSE:ODP) would occur on Thursday and would thereby increase the total strength of the board to 11 members. Further, there had been a recent merger planned by the company with OfficeMax Inc. which is expected to create a business of aggregate value $18 billion per year for the combined company.
Shares of Office Depot Inc (NYSE:ODP) were observed to have presented significant loss of 2.83% on Wednesday to close the trading session at $4.12 per share. Further it was noted that the intraday prices for the stock had been fluctuating in the range of $3.93 to $4.16 per share. The stock had proved effective to attract around 16.06 million trades in its shares on Wednesday, while the average volume of trading for this stock is at 5.05 million shares. The stock had moved through the past 52 weeks of trading to record the lowest price at $1.51 and highest price at $6.10 per share. The company presently holds around 288.93 million shares being traded in the markets with a market cap of $1.19 billion.