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  "documentTitle": "Office Depot, Inc. (ODP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2013-08-02 00:00:00",
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  "notes": "This is a classic activist investor 'thesis' slide, framing the board change as a 'no-regrets' move.",
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      "kind": "callout",
      "text": "Regardless of the outcome of the merger, Office Depot needs a newly reconstituted Board that possesses the appropriate skill-sets to oversee a turnaround of the Company with the goal of substantially improving operating performance.",
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      "text": "Now more than ever, Office Depot NEEDS a well-qualified, committed Board to protect the interests of shareholders. While we hope and expect the deal with OfficeMax will ultimately be consummated, it is subject to antitrust approval, and therefore, Office Depot is still a stand-alone company that must be prepared to face either outcome – merged or standalone. Given the significant deterioration in the profitability of the Company and destruction in value under the watch of the current Board, shareholders cannot afford to simply continue with the status quo and hope for improved results down the road, if and only if, the Company is merged. Instead, shareholders need a Board that is capable of overseeing the Company regardless of whether the deal with OfficeMax is ultimately consummated. By adding highly qualified director candidates that have the requisite skills to immediately improve the current operating performance of the business today, Office Depot can be in the best position to succeed on a stand-alone basis if the merger is not consummated and also be in the best position to maximize the long-term synergies with OfficeMax if the merger is consummated. In addition, if the merger is ultimately consummated, Office Depot will need a highly qualified Board to immediately: Work with OfficeMax to conduct a formal process to identify and select a CEO of the combined company; and Designate five Board members to a combined ten person Office Depot / OfficeMax Board (not including the new CEO). Therefore, improving the Board at the 2013 Annual Meeting (the “Annual Meeting”) provides shareholders with the best chance of success in either scenario. If the OfficeMax Merger closes, then the Board will have higher quality candidates from which to choose directors for the pro forma Board to oversee the execution of the OfficeMax Merger. If the OfficeMax Merger does not close, then the Board will be upgraded with new directors who are truly capable of improving the operating performance of the Company.",
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      "text": "It Is a Critical Time for the Future of Office Depot",
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