Office Depot News
Woodbridge Applauds Office Depot Shareholders' Decision to Send the Company a Strong Message of Disapproval
FORT LAUDERDALE, Fla., April 23 PRNewswire-FirstCall — Woodbridge Equity Fund LLLP and Levitt Corporation (NYSE: LEV), together "Woodbridge," today responded to the preliminary voting analysis of the Office Depot (NYSE: ODP) Annual Meeting of Shareholders held today in Boca Raton, Florida. Woodbridge applauds Office Depot shareholders, who sent the board a strong message of disapproval and call for change. An estimated 30 to 40 percent of shareholders either voted against or withheld votes from several Office Depot directors.
"Today's results show that Office Depot's shareholders agree with Woodbridge that change is necessary. Shareholders are no longer willing to accept the status quo and continue to watch the value of their investments decline," said Alan B. Levan, President of Woodbridge Capital Corporation, the General Partner of Woodbridge Equity Fund LLLP. "Office Depot will continue to face heightened scrutiny from shareholders, proxy advisory firms, and industry analysts, all of which have voiced their concerns about the ability of the current management and board to execute and effectively oversee the promised turnaround of the Company. We will all be watching to see if Office Depot is able to effect real change that not only delivers value for all shareholders, but also resolves the many corporate governance issues currently facing the Company. We expect that our actions and today's vote will serve as a loud and clear wake-up call to the board and hope that each of the directors will heed this call by engaging more fully in their oversight of the Company. We encourage all of the directors to take responsibility for performance and execution and hold management accountable if the Company's performance does not improve."
Mr. Levan concluded, "We will continue to follow Office Depot and look forward to continuing our dialogue with other investors in the Company."
Woodbridge Equity Fund LLLP
Woodbridge Capital Corporation, a wholly-owned subsidiary of Levitt Corporation, is the general partner of, and Levitt Corporation is the limited partner of, Woodbridge Equity Fund LLLP. Woodbridge Equity Fund LLLP is a beneficial owner of Office Depot, Inc. securities.
Levitt Corporation
Levitt Corporation, directly and through its wholly-owned subsidiaries, historically has been a real estate development company. Going forward, Levitt Corporation intends to pursue acquisitions and investments opportunistically within and outside the real estate industry.
Contacts: Steve Lipin/Nina Devlin Brunswick Group 212.333.3810 Investors: Georgeson 877-651-8856
SOURCE Woodbridge Equity Fund LLLP and Levitt Corporation, together "Woodbridge"
Search Our News Using Google Search
Can't find what you want? Try using Google:
