Shareholder rights law firm Johnson & Weaver, LLP is investigating whether members of the board of directors of Office Depot, Inc. (NASDAQ: ODP) breached their fiduciary duties in connection with the proposed buyout of the Company by Staples, Inc.
On February 4, 2015 Staples entered into a definitive merger agreement to buy Office Depot. Under the terms of the agreement, Office Depot shareholders will receive, for each Office Depot share, $7.25 in cash and 0.2188 of a share in Staples stock at closing. Based on Staples closing share price on February 2, 2015, the transaction values Office Depot at $11.00 per share. Office Depot shareholders will be subject to the future price fluctuation of Staples stock price.
The investigation concerns whether Office Depot’s board members failed to satisfy their duties to the Company’s shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Office Depot’s shares of common stock.
If you are a shareholder of Office Depot and believe that the proposed buyout price is too low and you are interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (jimb@johnsonandweaver.com) at 619-814-4471.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Contacts:
Jim Baker, 619-814-4471
jimb@johnsonandweaver.com
