Office Depot Responds to Ruling

Delray Beach, Fla. Office Depot responded on Tuesday to the Delaware Court of Chancery’s decision to grant a motion brought by Alan Levan, and his company Woodbridge, to nominate two directors for the retailer’s board of directors at the upcoming annual meeting scheduled for April 23.

The retailer disagreed with the decision and Levan’s request to nominate two non-Office Depot nominees for the board of directors election.

“We continue to believe that our stockholders will be best served by rejecting Levan and his nominees,” Office Depot said in a statement. “In our opinion, Levan’s nominees are unqualified and would add nothing to our board.”

Office Depot currently has 11 outside directors, who work alongside “a proven, strong management team that has created significant value for stockholders under new leadership beginning in 2005,” the statement said.

Office Depot is reviewing its options with respect to the ruling, according to the statement.

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