Office Depot Lays Out $100 Million Stock-Buyback Plan
May 31 2016 - 9:50AM
Dow Jones News
Office Depot Inc. on Tuesday rolled out a $100 million stock
buyback program as the No. 2 U.S. office supplier regroups less
than a month after a federal judge blocked its planned tie-up with
Staples Inc.
Office Depot Chief Executive Roland Smith said the company is
still finalizing its comprehensive strategic review, including
capital structure and return of capital alternatives.
"We are continuing to work with our advisers to explore
additional opportunities to further enhance shareholder value," he
said.
Shares in the Boca Raton, Fla.-based company, which have erased
40% of their value this month, added 2.3% premarket to $3.61.
Earlier this month, a federal judge blocked the planned merger
of the rivals because of antitrust concerns, prompting the
office-supply companies to say they would abandon the roughly $6
billion deal.
Office Depot was granted a termination fee of $250 million in
cash from Staples.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
May 31, 2016 09:35 ET (13:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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