OFFICE DEPOT DISSIDENTS END PROXY BATTLE

[Anonymous]

Office Depot Dissidents End Proxy Battle
Dissident
shareholders of Office Depot, who sought to oust the struggling chain’s
chief executive, Steve Odland, have abruptly abandoned their proxy
fight just a few days before the company’s annual meeting.The
shareholders, Woodbridge Equity Fund and Levitt, said they had achieved
their objective of providing a “strong wake-up call to Office Depot’s
board and management.” The investors also called on Office Depot
shareholders to withhold their votes for the company’ nominees, Mr.
Odland and the firm’s former chairman, David Fuente.The decision to end
the battle comes after several powerful proxy advisers recommended that
shareholders not support Woodbridge’s board nominees.While the move
could be regarded as loss for the dissident shareholders, The Miami
Herald there noted that there are myriad problems facing Office Depot
and said that the company’s chieftain is still in the line of fire.

[Author]

April 22, 2008 at 12:39 PM