Office Depot Adopts Poison Pill

Company approves anti-takeover defense as activist investor Starboard pushes for changes.

Office Depot Inc. approved an anti-takeover defense about six weeks after activist investor Starboard Value LP became its largest shareholder and started pushing for changes.

The second-largest U.S. office-supply chain passed a shareholder rights plan that would give its investors additional shares if one entity surpasses 15 percent ownership, according to a statement today. Starboard owned 14.8 percent of the Boca Raton, Florida-based retailer as of Oct. 12.

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