Office Depot Inc (ODP): Starboard Value Sells Out of Long Position

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According to a new 13D filing, Jeffrey C. Smith’s Starboard Value owns 25.05 million shares of Office Depot Inc. (NASDAQ:ODP), down from 30.22 million shares held in the middle of December, after the fund had slashed its stake by nearly 15.00 million shares. Starboard has now sold out of its long position in Office Depot, with the remaining 25.00 million shares underlying call options. Mr. Smith also owns 45,836 shares, which were granted to him by the issuer for his role as a Director of the company. Office Depot’s planned merger with Staples Inc. (NASDAQ:SPLS) is facing a preliminary injunction challenge from the FTC, which will be heard by U.S. District Court Judge Emmet G. Sullivan beginning later this month. The FTC contends that the merger would eliminate competition in the bulk office supplies space.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
STARBOARD VALUE 25,000,000 25,000,000 25,000,000 25,000,000 25,000,000 4.6%
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD 19,225,000 25,000,000 19,225,000 25,000,000 19,225,000 3.5%
STARBOARD VALUE AND OPPORTUNITY S 2,175,000 25,000,000 2,175,000 25,000,000 2,175,000 Less than 1%
STARBOARD VALUE AND OPPORTUNITY C 1,225,000 1,225,000 1,225,000 Less than 1%
STARBOARD VALUE R 1,225,000 1,225,000 1,225,000 Less than 1%
STARBOARD VALUE R GP 1,225,000 1,225,000 1,225,000 Less than 1%
STARBOARD VALUE GP 25,000,000 25,000,000 25,000,000 4.6%
STARBOARD PRINCIPAL CO 25,000,000 25,000,000 25,000,000 4.6%
STARBOARD PRINCIPAL CO GP 25,000,000 25,000,000 25,000,000 4.6%
JEFFREY C. SMITH 45,836 45,836 25,045,836 4.6%
MARK R. MITCHELL 1,250 1,250 25,000,000 4.6%
PETER A. FELD 25,000,000 4.6%
T-S CAPITAL PARTNERS 1,250 0%
DAVID SIEGEL Less than 1%
ROBERT TELLES 0%

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Page 1 of 24 SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d-2(a)
(Amendment No. 17)1
Office Depot, Inc.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
676220106
(CUSIP Number)
JEFFREY C. SMITH
STARBOARD VALUE LP
777 Third Avenue, 18th Floor
New York, New York 10017
(212) 845-7977
 
STEVE WOLOSKY, ESQ.
OLSHAN FROME WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)
March 3, 2016
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.
_______________
1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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