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  "documentTitle": "Office Depot, Inc. (ODP)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2013-08-02 00:00:00",
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      "kind": "callout",
      "text": "Shareholders need to be comfortable that the operating performance and value of Office Depot will be significantly improved either as a stand-alone company if the deal is not consummated or as a merged company if the deal ultimately closes.",
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      "text": "The current Board has not proven capable of overseeing a stand-alone Office Depot, as evidenced by the continued poor operating performance and massive destruction in value at the Company, let alone executing on any of the incredibly important decisions noted above that will determine the future of the Company.",
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      "text": "It is therefore critically important that the Board be improved with new directors that have the necessary operating and retail experience to oversee a complete transformation of Office Depot.",
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      "text": "If the OfficeMax Merger closes, the pro forma Board will be tasked with developing the long-term plan of the combined company, including: Overseeing the integration of two large companies with combined revenue of over $17 billion. Helping to identify and retain a new management team made up of some existing executives from each company as well as some entirely new people. Examining which retail locations should be kept versus exited. Developing a new business strategy to make the combined company a viable and ultimately successful company over the long term.",
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      "text": "If the OfficeMax Merger closes, the new Board will be tasked with transforming the Company for the future.",
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      "text": "It Is a Critical Time for the Future of Office Depot",
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