Office Depot, Inc. Announces Board Approval of Holding Company Reorganization
March 31 2020 - 4:30PM
Business Wire
Office Depot, Inc. (“Office Depot” or the “Company”) (NASDAQ:
ODP), a leading integrated business-to-business distribution
platform of business services and supplies, today announced that
following the completion of its previously announced feasibility
review, its Board of Directors approved proceeding with the
implementation of a holding company reorganization. When
implemented, Office Depot will become a wholly owned subsidiary of
a new holding company, The ODP Corporation, which will replace
Office Depot as the public company trading on Nasdaq under Office
Depot’s current ticker symbol “ODP”. Existing shares of Office
Depot will be automatically converted into shares of common stock
of The ODP Corporation.
The holding company reorganization is intended to simplify the
Company’s legal entity and tax structure, more closely align the
Company’s operating assets to their respective operating channels
within the legal entity structure, and increase its operational
flexibility.
As disclosed in the Company’s definitive proxy statement filed
with the Securities and Exchange Commission (“SEC”) on March 26,
2020, if approved by the Company’s shareholders, the Board may
decide to implement a reverse stock split substantially
concurrently with the consummation of the holding company
reorganization. As further described in the Company’s definitive
proxy statement, the reverse stock split is not contingent upon the
consummation of the holding company reorganization, and the
consummation of the holding company reorganization is not a
condition to the reverse stock split. Neither the holding company
reorganization nor the reverse stock split is expected to result in
a change in the directors, executive officers, management or
business of Office Depot.
Subject to obtaining required approvals or any other intervening
developments, the consummation of the holding company
reorganization is expected to be completed on or about the end of
the second quarter of 2020.
About Office Depot, Inc.
Office Depot, Inc. (NASDAQ:ODP) is a leading provider of
business services, products and technology solutions to small,
medium and enterprise businesses, through a fully integrated B2B
distribution platform of approximately 1,300 stores, online
presence, and dedicated sales professionals and technicians.
Through its banner brands Office Depot®, OfficeMax®, CompuCom® and
Grand&Toy®, as well as others, the Company offers its customers
the tools and resources they need to focus on their passion of
starting, growing and running their business. For more information,
visit news.officedepot.com and follow @officedepot on Facebook,
Twitter and Instagram.
Office Depot is a trademark of The Office Club, Inc. OfficeMax
is a trademark of OMX, Inc. CompuCom is a trademark of CompuCom
Systems, Inc. Grand&Toy is a trademark of Grand & Toy, LLC
in Canada. ©2020 Office Depot, Inc. All rights reserved. Any other
product or company names mentioned herein are the trademarks of
their respective owners.
Forward-Looking Statements
Certain statements in this press release may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements relate to a variety of matters, including, without
limitation, statements regarding shareholder approval of the
reverse stock split and consummation of the holding company
reorganization and reverse stock split. These forward-looking
statements are made on the basis of the current beliefs,
expectations and assumptions of the management of the Company and
are subject to significant risks and uncertainty. Investors are
cautioned not to place undue reliance on any such forward-looking
statements. All such forward-looking statements speak only as of
the date they are made, and the Company undertakes no obligation to
update or revise these statements, whether as a result of new
information, future events or otherwise, except as may be required
by law. These forward-looking statements involve many risks and
uncertainties that may cause actual results to differ materially
from what may be expressed or implied in these forward-looking
statements. For example, risks and uncertainties that could affect
the forward-looking statements set forth in this press release
include: the expected timing of the implementation and consummation
of the reorganization or the reverse stock split; the costs of the
reorganization and the reverse stock split; and factors generally
affecting the business, operations, and financial condition of the
Company, including the information contained in the Company’s
Annual Report on Form 10-K for the year ended December 28, 2019,
subsequent Quarterly Reports on Form 10-Q, and other reports and
filings with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20200331005829/en/
Tim Perrott Investor Relations 561-438-4629
Tim.Perrott@officedepot.com
Danny Jovic Media Relations 561-438-1594
Danny.Jovic@officedepot.com
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