NEW YORK, Aug. 5, 2013 /PRNewswire/ -- Starboard Value LP (together with its affiliates, "Starboard"), the largest shareholder of Office Depot, Inc. (NYSE: ODP) ("Office Depot" or the "Company") with approximately 14.6% of the outstanding common stock of the Company, announced today that it has issued a 100+ page White Paper Presentation entitled "Transforming Office Depot: A Plan for Renewal and Reinvigoration" outlining a detailed operational plan to significantly improve the operating performance and value of Office Depot. Starboard developed the White Paper together with its director nominees and one of the world's leading restructuring and turnaround firms.
Specifically, the White Paper outlines in detail how Starboard believes Office Depot, as a stand-alone company, could improve its current operating margins from 0.9% to 7.3%, representing an improvement of over $650 million through a combination of cost reductions and revenue enhancement opportunities. Starboard believes that many of these same opportunities are applicable to OfficeMax's business and, if successfully executed on, would substantially increase the potential synergies in the Merger.
The White Paper is available at the SEC's website and can be viewed by clicking the following link: http://tinyurl.com/StarboardWhitePaper
Starboard has also issued an Investor Presentation setting forth in detail its views regarding why significant change is necessary at Office Depot now, how Starboard's slate of nominees is far more qualified to govern and oversee Office Depot at this critical juncture than the incumbent nominees who Starboard is seeking to replace, and how Starboard's nominees have a superior plan for restoring and enhancing shareholder value at Office Depot.The Investor Presentation is available at the SEC's website and at the following link: http://tinyurl.com/StarboardODPPresentation Starboard is urging shareholders to elect its four highly qualified nominees, Cynthia Jamison, Robert Nardelli, Jeffrey Smith and Joseph S. Vassalluzzo, to serve on the Company's board of directors at the upcoming 2013 Annual Meeting. Starboard also issued the following statement in connection with the upcoming 2013 Annual Meeting: