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US: Struggling Office Depot seeks shareholder approval for OfficeMax merger

By  |  April 30, 2013

As Office Depot posted less-than-stellar quarterly earnings, the company is now looking for investor approval for its planned merger with OfficeMax. Office Depot is now reportedly scrambling to hold a meeting with its shareholders while its awaits a review completion of the merger from the US Securities and Exchange commission; the Federal Trade Commission requested more information concerning the transaction earlier last month. The company is also being pressured by its largest shareholder, Starboard Value LP, to hold the shareholder meeting. Office Depot posted a net loss of $17 million for the first quarter, according to reports, equating to 6 cents a share.

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