Activist investor Starboard Value wants to merge office-supply chains Staples Inc and Office Depot Inc, CNBC reported, citing people familiar with the matter.Starboard, known for its aggressive shareholder activism, disclosed a 5.1 percent stake in Staples and boosted its holdings in Office Depot to nearly 10 percent, regulatory filings showed on Thursday. (1.usa.gov/1yU35DM)Shares of Staples, the No. 1 office supply chain, rose as much as 10.2 percent to touch a 52-week high of $16.32 in morning trading on Thursday. Office Depot's shares rose 14 percent to touch a four-year high of $7.74.Analysts have said a combination of the top two U.S. stationery retailers would help them fend off intense competition from online retailers such as Amazon.com Inc and big-box chains such as Wal-Mart Stores Inc that sell the same merchandise for less.
Amazon.com, Inc. (Amazon.com) serves consumers through its retail websites and focus on selection, price, and convenience. Shares of AMZN traded higher by 1.34% or $4.083/share to $309.92. In the past year, the shares have traded as low as $284.00 and as high as $408.06. On average, 4017940 shares of AMZN exchange hands on a given day and today's volume is recorded at 1862782.
Office Depot, Inc. (Office Depot) is a global supplier of office products and services. Shares of ODP traded higher by 13.61% or $0.915/share to $7.64. 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 25231644.
Staples, Inc. (Staples) is an office products company. Shares of SPLS traded higher by 8.3% or $1.23/share to $16.04. 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 55850904.
Wal-Mart Stores, Inc. (Walmart) operates retail and other stores in various formats, including membership clubs. Shares of WMT traded higher by 1.57% or $1.305/share to $84.28. In the past year, the shares have traded as low as $72.27 and as high as $88.09. On average, 7372810 shares of WMT exchange hands on a given day and today's volume is recorded at 3665230.
Source
