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US: Office Depot lays out $100 million stock-buyback plan

 |  May 31, 2016

Office Depot Inc. on Tuesday rolled out a $100 million stock buyback program as the No. 2 US office supplier regroups less than a month after a federal judge blocked its planned tie-up with Staples Inc.

Office Depot Chief Executive Roland Smith said the company is still finalizing its comprehensive strategic review, including capital structure and return of capital alternatives.

“We are continuing to work with our advisers to explore additional opportunities to further enhance shareholder value,” he said.
Shares in the Boca Raton, Fla.-based company, which have erased 40% of their value this month, added 2.3% premarket to $3.61.

Earlier this month, a federal judge blocked the planned merger of the rivals because of antitrust concerns, prompting the office-supply companies to say they would abandon the roughly $6 billion deal.

Office Depot was granted a termination fee of $250 million in cash from Staples.

Full Content: The Wall Street Journal

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