Office Depot to face investors over merger

City A.M. Reporter
OFFICE Depot disappointed the market with a quarterly loss yesterday and said it would hold a special meeting with investors to seek approval for its pending merger with rival OfficeMax.

The news comes as the retailer's board faces heat from its largest shareholder, Starboard Value, and awaits regulatory approval for the OfficeMax deal.

Office Depot reported a first-quarter net loss of $17m, compared with net earnings of $41m a year earlier. Excluding merger-related costs and other charges, the firm broke even.