Woodbridge Applauds Office Depot Shareholders' Decision to Send the Company a Strong Message of Disapproval
23 Aprile 2008 - 9:44PM
PR Newswire (US)
Shareholders vote against or withhold an estimated 30 to 40 percent
of votes from several Office Depot nominees FORT LAUDERDALE, Fla.,
April 23 /PRNewswire-FirstCall/ -- Woodbridge Equity Fund LLLP and
Levitt Corporation (NYSE:LEV), together "Woodbridge," today
responded to the preliminary voting analysis of the Office Depot
(NYSE:ODP) Annual Meeting of Shareholders held today in Boca Raton,
Florida. Woodbridge applauds Office Depot shareholders, who sent
the board a strong message of disapproval and call for change. An
estimated 30 to 40 percent of shareholders either voted against or
withheld votes from several Office Depot directors. "Today's
results show that Office Depot's shareholders agree with Woodbridge
that change is necessary. Shareholders are no longer willing to
accept the status quo and continue to watch the value of their
investments decline," said Alan B. Levan, President of Woodbridge
Capital Corporation, the General Partner of Woodbridge Equity Fund
LLLP. "Office Depot will continue to face heightened scrutiny from
shareholders, proxy advisory firms, and industry analysts, all of
which have voiced their concerns about the ability of the current
management and board to execute and effectively oversee the
promised turnaround of the Company. We will all be watching to see
if Office Depot is able to effect real change that not only
delivers value for all shareholders, but also resolves the many
corporate governance issues currently facing the Company. We expect
that our actions and today's vote will serve as a loud and clear
wake-up call to the board and hope that each of the directors will
heed this call by engaging more fully in their oversight of the
Company. We encourage all of the directors to take responsibility
for performance and execution and hold management accountable if
the Company's performance does not improve." Mr. Levan concluded,
"We will continue to follow Office Depot and look forward to
continuing our dialogue with other investors in the Company."
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. 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. Contacts: Steve Lipin/Nina Devlin
Brunswick Group 212.333.3810 Investors: Georgeson 877-651-8856
DATASOURCE: Woodbridge Equity Fund LLLP and Levitt Corporation,
together CONTACT: Steve Lipin or Nina Devlin, both of Brunswick
Group, +1-212-333-3810; or Investors, Georgeson, +1-877-651-8856
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