Activist investor Starboard Value LP disclosed a 5.1 percent stake in Staples Inc and raised its holdings in Office Depot Inc to about 10 percent, in a move that could set up a potential merger of the struggling office-supply retailers.Staples shares rose 3 percent to $15.25 in premarket trading on Thursday. Office Depot shares rose 1.6 percent to $6.83.Starboard's stake in Staples is worth about $483 million, based on the company's closing price on Wednesday.New York-based Starboard, which held an 8.6 percent in Office Depot as of Sept. 10, did not announce any plans for the companies, according to regulatory filings on Thursday. (1.usa.gov/1yU35DM)
Office Depot, Inc. (Office Depot) is a global supplier of office products and services. Shares of ODP traded higher by 2.67% or $0.175/share to $6.72. In the past year, the shares have traded as low as $3.84 and as high as $7.01. On average, 9871670 shares of ODP exchange hands on a given day and today's volume is recorded at 22892084.
Staples, Inc. (Staples) is an office products company. Shares of SPLS traded higher by 2.46% or $0.355/share to $14.82. In the past year, the shares have traded as low as $10.70 and as high as $16.04. On average, 10456500 shares of SPLS exchange hands on a given day and today's volume is recorded at 27460250.
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