The investment firm Starboard Value is still trying to push Staples into buying its rival company Office Depot. In Starboards latest move, people briefed on the matter said the hedge fund plans to release a public letter urging Staples to pursue a takeover and if Staples continues to refuse Starboards will threaten to seek a fight for representation on the board. The hedge fund claims that the merger is necessary if Staples want to continue to compete against Walmart and Amazon.com.
Staples stock has risen more than 50 percent since September and roughly 17 percent since it was revealed that Starboard had purchased shares of the company. The forthcoming letter claims that the higher stock prices give Staples an excellent currency to purchase Office Depot. Starboard is going so far as to challenge Staples top leadership saying in the letter, “If it becomes clear to us that you have no intention of seriously pursuing this unique and highly attractive opportunity, it would be a clear sign that significant leadership change is needed at Staples.”
Full Content: DealBook
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Redfin Settles $9.2M Commission Inflation Lawsuits
May 7, 2024 by
CPI
DOJ Supports Colorado’s Efforts to Block Kroger-Albertsons Merger
May 7, 2024 by
CPI
Japan Considers Regulation of AI Developers
May 7, 2024 by
CPI
European Commission Extends Decision Deadline for Ita-Lufthansa Merger
May 7, 2024 by
CPI
UK, US and Australia Sanction Senior Leader of LockBit Cybercrime Gang
May 7, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI