Activist investor Starboard Value jammed Office Depot’s printer with its notice that it owns over 13% of the shares of the common stock of ODP, the home of office supply savings (60% off of store brand printer ink as we speak, act now).
The 13G was accompanied by a nastygram to ODP’s Chairman and CEO and Board of Directors saying that ODP is deeply undervalued and a substantial opportunity exists to improve its performance and valuation based on actions that are within the control of the Board and management team. They then outlined the world of possibilities.
Starboard said it has no intention to anything that would cause a change of control or other fundamental change, but this could change. Translation: If ODP doesn’t do what we say and the stock price doesn’t rise, our intentions will be the opposite of what we just said.
The Wall Street Journal said that Starboard “Puts the Active in Activist“* and has engaged in nine proxy fights since it separated from Cowen Group.
Like the Extenze commercial says, this could be fun. We may have to institute regular coverage on Starboard.
ODP is not the same ODB, as is well-known to individuals in the overlapping Underdisclosed.com/Wu-Tang Clan demos (NSFW language warning).
For those who’ve worked in offices, among the most true and funny scenes in movie history (NSFW language warning).
*Article possibly behind paywall but its giving me access now.
Starboard Schedule 13D