A lawsuit was filed by an investor in shares of Office Depot Inc (NASDAQ:ODP) in effort to stop the proposed takeover and NASDAQ:ODP stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/17/2015 -- An investor, who currently holds shares of Office Depot Inc (NASDAQ:ODP), filed a lawsuit in effort to halt the proposed takeover of Office Depot Inc. by Staples, Inc for a value of $11.00 per share.
Investors who purchased shares of Office Depot Inc (NASDAQ:ODP) and currently hold any of those NASDAQ:ODP shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:ODP stockholders by agreeing to sell Office Depot Inc too cheaply via an unfair process to Staples, Inc.
On February 4, 2015, Staples, Inc. (Nasdaq: SPLS) and Office Depot Inc (NASDAQ:ODP) announced that the companies have entered into an agreement under which Staples will acquire all of the outstanding shares of Office Depot Inc (NASDAQ:ODP). Under the terms of the agreement, Office Depot Inc (NASDAQ:ODP) shareholders will receive, for each NASDAQ:ODP share,$7.25 in cash and 0.2188 of a share in Staples stock at closing. Based on Staples closing share price onFebruary 2, 2015, the last trading day prior to initial media speculation around a possible transaction, the transaction values Office Depot Inc (NASDAQ:ODP) at $11.00 per share.
However, the plaintiff claims that the $11-offer is too low and undervalues Office Depot Inc. Indeed, Office Depot Inc reported that its Total Revenue rose from over $10.69 billion for the 52 weeks period that ended on Dec. 29, 2012 to over $11.24 billion for the 52 weeks period that ended on December 28, 2013 and that its Net Loss for those respective time periods decreased from $77 million to $20 million. Shares of Office Depot Inc (NASDAQ:ODP) grew from $1.53 per share in August 2012 to as high as $5.90 per share in September 2014. In addition, the plaintiff claims that the process is also unfair to NASDAQ:ODP stockholders.
On February 13, 2015, NASDAQ:ODP shares closed at $9.59 per share.
Those who are current investors in Office Depot Inc (NASDAQ:ODP) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com