FORT LAUDERDALE, Fla., March 28 /PRNewswire/ -- Woodbridge Equity
Fund LLLP and Levitt Corporation (NYSE:LEV), together the
"Woodbridge Group," today mailed the following letter to the
shareholders of Office Depot, Inc. (NYSE:ODP) along with its
definitive proxy materials in connection with Office Depot's 2008
Annual Meeting. The Woodbridge Group strongly urges Office Depot
shareholders to elect its two highly-qualified nominees, Mark
Begelman and Martin E. Hanaka, to the Office Depot board of
directors by voting the GOLD proxy card by Internet, telephone or
mail today. Mr. Begelman is the former President and Chief
Operating Officer of Office Depot. Mr. Hanaka is the former Chief
Executive Officer of The Sports Authority, Inc.; former President
and Chief Operating Officer and director of Staples, Inc.; and
current interim Chief Executive Officer and non-executive Chairman
of the Board of Golfsmith International Holdings, Inc. The
Woodbridge Group is nominating these candidates to serve on the
board in place of Office Depot director candidates David I. Fuente
and Steve Odland, Chair and Chief Executive Officer. Alan B. Levan,
the Chairman of the Board and Chief Executive Officer of Levitt
Corporation and Woodbridge Capital Corporation, commented, "We
firmly believe that shareholders will agree that change at Office
Depot is preferable to the status quo. The Woodbridge Group's
director nominees will bring to the Office Depot board a new voice
for shareholders, a fresh perspective on the Company's strategic
and operational initiatives, strong relevant retail experience and
strong executive and corporate governance experience. We believe
that Mr. Begelman and Mr. Hanaka are uniquely qualified to work
with the full board and management to address the challenges the
Company is currently facing, improve performance and increase
shareholder value. "Office Depot's recent statement that it has a
'long-range strategic plan' offers nothing new. While Office
Depot's shareholders have heard before many of the promises
included in the Company's turn-around plan, we have seen little in
the way of results. For instance, Office Depot has underperformed
its top competitor, Staples, on virtually all key retail metrics
over the last several years while operating in the same macro
economic environment. Office Depot's performance leads us to
question not only the substance of the Company's plan, but also
whether the current board and management offer the right leadership
to take this Company forward." The full text of the Woodbridge
Group's letter, which was mailed with the Woodbridge Group's proxy
statement, appears below: VOTE FOR THE WOODBRIDGE GROUP'S
HIGHLY-QUALIFIED NOMINEES WHO WILL REPRESENT SHAREHOLDERS' BEST
INTERESTS ON THE OFFICE DEPOT BOARD SIGN, DATE, AND RETURN THE
ENCLOSED GOLD PROXY CARD TODAY Dear Fellow Shareholder: We are
seeking your support to elect two highly-qualified and experienced
retail executives to the board of directors of Office Depot, Inc.
at the April 23, 2008 annual meeting. If elected, Mark Begelman and
Martin E. Hanaka are committed to working constructively with all
of the other Office Depot directors to turn around the Company and
deliver value for all shareholders. OFFICE DEPOT'S STOCK IS
UNDERVALUED AND THE COMPANY CONTINUES TO UNDERPERFORM ITS TOP
COMPETITOR ON ALL KEY METRICS While there is no question that the
current macro economic environment is difficult, Office Depot has
significantly underperformed its competitor, Staples, Inc., as well
as the S&P 500. Over the last two years, Office Depot shares
have declined 69% and recently closed at a low of $10.86 on March
17, 2008, a 76% decline from the high of $44.46 recorded on May 11,
2006, at the market close. Over a longer 5-year timeframe, Office
Depot shares have decreased 20% since the end of 2002, while
Staples shares have risen 89% over the same period. Office Depot
has also seen a remarkable decline in all key retail metrics
including comparable store sales, sales per store, sales per square
foot and operating margins, and continues to lag Staples in each of
these. For instance, according to information contained in company
reports, despite operating in the same macro economic environment
as Staples, Office Depot has managed a compound annual growth rate
(CAGR) in North American retail sales of merely 0.7% since 2000,
while Staples has delivered a 5.3% CAGR in this same period. In
addition, same store sales data shows Staples outperforming Office
Depot consistently for the last eight years. Further, since 2000,
Office Depot's sales per store in North America have decreased 24%,
while Staples' has dropped just 5%. While Office Depot has always
lagged Staples in terms of operating margins, the discrepancy has
grown to 490 basis points in 2007 versus 280 basis points in
2000.(1) The Office Depot management and board can't keep blaming
the economy for everything. THE COMPANY'S CONTINUED POOR
PERFORMANCE AND TODAY'S CHALLENGING BUSINESS ENVIRONMENT UNDERSCORE
THE NEED FOR FRESH PERSPECTIVE ON THE BOARD We firmly believe that
shareholders will agree that change at Office Depot is preferable
to the status quo. The Woodbridge Group's director nominees, Mark
Begelman and Martin E. Hanaka, will bring to the Office Depot board
a new voice for shareholders, a fresh perspective on the Company's
strategic and operational initiatives, strong relevant retail
experience and strong executive and corporate governance
experience. We believe that Mr. Begelman and Mr. Hanaka are
uniquely qualified to work with the full board and management to
address the challenges the Company is currently facing, improve
performance and increase shareholder value. Mr. Begelman and Mr.
Hanaka each have over 35 years of retail experience and exceptional
expertise in the office supply retailing space. In addition, our
nominees bring direct experience at Office Depot and Staples. Mark
Begelman - former President and COO of Office Depot -- Over 10
years of management experience in the office products and supply
industry and over 35 years of experience in retail merchandising.
-- Co-founded Office Club, an office supply retailer, in 1986.
Opened 52 stores in 4 years and took the company public in 1989.
Mr. Begelman served as Chief Executive Officer of Office Club since
he co-founded it until 1991 when Office Club merged with Office
Depot, a merger in which Office Club's shareholders received a 25%
premium. -- Following the merger, Mr. Begelman served as President
and Chief Operating Officer of Office Depot from 1991 to 1995.
During this time, Office Depot's revenues grew from approximately
$900 million to $5.5 billion and the store base grew from
approximately 127 stores to 460 stores. Furthermore, Office Depot's
stock split three times. Martin E. Hanaka - former Chief Executive
Officer of The Sports Authority, Inc; former President and COO and
director of Staples, Inc.; and current interim Chief Executive
Officer and non-executive Chairman of the Board of Golfsmith
International Holdings, Inc. -- Over 35 years of experience in
retail merchandising. -- He was the President and Chief Operating
Officer of Staples, Inc. from 1994 to 1997 and served as a director
from 1996 to 1997. -- From 1998 until 2003, Mr. Hanaka was the
Chief Executive Officer of The Sports Authority, Inc., where he
served as Chairman of the Board from 1999 until 2004. At The Sports
Authority, Mr. Hanaka led the very successful turnaround of the
$1.5 billion retailer. -- Currently, he is the interim Chief
Executive Officer and non-executive Chairman of the Board of
Golfsmith International Holdings, Inc., a golf products retailer,
and he is also a director of Trans World Entertainment Corp., one
of the largest specialty music and video retailers in the United
States. OFFICE DEPOT'S TRACK RECORD SPEAKS FOR ITSELF - THE TIME
HAS COME FOR CHANGE Office Depot's recent statement that it has a
'long-range strategic plan' offers nothing new. While Office
Depot's shareholders have heard before many of the promises
included in the Company's turn-around plan, we have seen little in
the way of results. Office Depot's performance leads us to question
not only the substance of the plan, but also whether the current
board and management offer the right leadership to take this
Company forward. Analysts who closely follow the Company have
publicly expressed doubts in this team's availability to deliver:
(2) -- JP Morgan Analyst Stephen C. Chick, March 3, 2008 "We think
the turnaround of the company would be better accomplished under
different leadership." -- Credit Suisse Analyst Gary Balter,
September 6, 2007 "On its own, we do not expect management to work
their way out of their problems anytime soon. One can question
whether given the performance if this is the right team to even
try." We believe shareholders have waited long enough for a
turnaround of this Company. There is clearly a need for new
representation on the board to ensure that the Company delivers on
its plans and promises and finally really does "take care of
business." We urge you to sign, date, and return the enclosed GOLD
proxy card today with a vote FOR our nominees. If you have any
questions, or need assistance in voting your shares, please call
our proxy solicitor, Georgeson Inc., toll free at 877-651-8856. For
more information about our nominees and their plans for restoring
Office Depot's value, please visit:
http://www.rebuildofficedepot.com/. Sincerely, The Woodbridge Group
If your shares are registered in your own name, please sign, date
and mail the enclosed GOLD Proxy Card to Georgeson Inc. in the
self-addressed, postage- paid envelope provided today. If your
shares are held in the name of a brokerage firm, bank nominee or
other institution, please sign, date and mail the enclosed GOLD
Voting Instruction Form in the self-addressed, postage-paid
envelope provided. Remember--only your latest dated proxy will
determine how your shares are to be voted at the meeting. If you
have any questions or need assistance in voting your shares, please
contact our proxy solicitor: Georgeson 199 Water Street, 26th Floor
New York, NY 10038 Shareholders Call Toll Free: 877-651-8856 (1)
Adjusted for $110.038 million in facility closing costs in 2000 and
$7.493 million in gain on sale of building in 2007 for Office
Depot. (2) Permission to excerpt was neither sought nor obtained.
For additional information, go to
http://www.rebuildofficedepot.com/. Woodbridge Equity Fund LLLP
Woodbridge Capital Corporation, a wholly-owned subsidiary of Levitt
Corporation, is the general partner of, and Levitt Corporation is
the limited partner of, Woodbridge Equity Fund LLLP. Woodbridge
Equity Fund LLLP is a beneficial owner of Office Depot, Inc.
securities and a participant in the proxy solicitation. Levitt
Corporation Levitt Corporation, directly and through its
wholly-owned subsidiaries, historically has been a real estate
development company. Going forward, Levitt Corporation intends to
pursue acquisitions and investments opportunistically within and
outside the real estate industry. Additional Information Levitt
Corporation and Woodbridge Equity Fund LLLP (together, the
"Woodbridge Group"), and Mark Begelman and Martin E. Hanaka
(together, the "Nominees" and, together with the Woodbridge Group,
the "Proponents") filed a proxy statement with the Securities and
Exchange Commission (the "SEC") on March 27, 2008 containing
information about the solicitation of proxies for the 2008 Annual
Meeting of the shareholders of Office Depot, Inc. (the "Company").
Investors and security holders of the Company are urged to read the
proxy statement because it contains important information. Detailed
information relating to the Proponents and Alan B. Levan, John E.
Abdo and Seth Wise, who may be deemed to be participants in the
solicitation of proxies from Company shareholders (collectively
with the Proponents, the "Participants"), can be found in the proxy
statement filed by the Proponents. The proxy statement and other
relevant documents relating to the solicitation of proxies by the
Proponents are available at no charge on the SEC's website at
http://www.sec.gov/. In addition, the Proponents will provide
copies of the proxy statement and other relevant documents without
charge upon request. Requests for copies should be directed to the
Proponent's proxy solicitor, Georgeson Inc. at 1-877-651-8856.
Forward-Looking Information Some of the statements contained herein
include forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended (the "Securities
Act"), and Section 21E of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), that involve substantial risks and
uncertainties. Some of the forward-looking statements can be
identified by the use of words such as "anticipate," "believe,"
"estimate," "may," "intend," "expect," "will," "should," "seeks" or
other similar expressions. Forward- looking statements are based
largely on management's expectations and involve inherent risks and
uncertainties. In addition to the risks identified below, you
should refer to Levitt Corporation's and Office Depot's periodic
and current reports filed with the SEC for specific risks which
could cause actual results to be significantly different from those
expressed or implied by those forward-looking statements. Any
number of important factors which could cause actual results to
differ materially from those in the forward-looking statements
include: the costs and disruption to Levitt Corporation's or Office
Depot's business arising from the proxy contest and related
litigation; the diversion of management time to issues related to
the proxy contest; the ability to successfully solicit sufficient
proxies to elect the Nominees to the board of directors of Office
Depot; the ability of the Nominees to influence the other directors
and the management of Office Depot and to improve the corporate
governance and strategic direction of the Company; risk factors
associated with the business of Levitt Corporation, as described in
Levitt Corporation's periodic reports filed with the SEC, which may
be viewed free of charge on the SEC's website at
http://www.sec.gov/; and risk factors associated with the business
of Office Depot as described in Office Depot's Form 10-K for the
fiscal year ended December 29, 2007, and in other periodic reports
of Office Depot, which are available free of charge on the SEC's
website, at http://www.sec.gov/. Accordingly, you should not rely
on forward- looking statements as a prediction of actual results.
Contacts: Steve Lipin/Nina Devlin Brunswick Group 212.333.3810
Investors: Georgeson 877-651-8856 DATASOURCE: Woodbridge Group
CONTACT: Steve Lipin, or Nina Devlin, both of Brunswick Group,
+1-212-333-3810; or Investors, Georgeson, +1-877-651-8856 Web site:
http://www.rebuildofficedepot.com/
Copyright
Grafico Azioni Lion Electric (NYSE:LEV)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Lion Electric (NYSE:LEV)
Storico
Da Lug 2023 a Lug 2024