{
  "docId": "019dd923-622b-71dc-a6d9-b06e1e87f57d",
  "docSlug": "0d9a92f4ecfe",
  "documentTitle": "Office Depot, Inc. (ODP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-08-02 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 24,
  "pageCount": 63,
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  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 42,
  "notes": "The slide uses a data table to contrast the Board's increasing voting power against the dilution of other shareholders.",
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  "slideHref": "/slides/019dd923-622b-71dc-a6d9-b06e1e87f57d/24",
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      "kind": "callout",
      "text": "The effect of the Poison Pill was to severely limit shareholder influence over Board composition and entrench the Board by increasing its effective voting control.",
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      "kind": "metric",
      "text": "voting authority: 30.2%",
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      "kind": "paragraph",
      "text": "As shown in the table below, at the time Office Depot instituted the Poison Pill, the Board was in position to increase its effective voting authority to above 30% within three years, while all other common shareholders would be diluted to a maximum voting authority of only 10.8%.",
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      "text": "(a) Projections assume Office Depot continues to pay in-kind dividends to BC Partners on its 10% perpetual preferred stock\n(b) Projections assume BC Partners acquires an additional 2% of common stock, in compliance with the exemption included in the Rights Plan\n(c) Reflects dilution to common stockholders based on BC Partners' preferred stock voting rights on an as-converted basis",
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      "kind": "table",
      "text": "As-Converted Common Stock Voting Rights table",
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      "kind": "title",
      "text": "The Current Board has Sought to Entrench Itself by Instituting a Poison Pill with a 15% Ownership Threshold",
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      "evidence": "The slide explicitly frames the Board's actions as 'entrenchment' and 'limiting shareholder influence' using data to prove the contradiction between stated governance and actual control.",
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      "evidence": "Criticisms of the current board and management, highlighting their lack of retail experience and poor governance practices.",
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