Organizers claimed that nearly 2 million Hong Kong protesters took to the streets Sunday in a rally to demand the city's top official resign a day after she suspended — but...China Politicsread more
African swine fever, which has already ravaged pig herds in China and pushed up food prices there, could also drive up inflation in the other emerging markets, according to...Asia Economyread more
Consumer goods giant Unilever has taken the unusual step of having some of its marketing staff read their own DNA profiles to see whether finding out about their heritage has...Marketing.Media.Moneyread more
Stocks in Asia traded mixed on Monday as investors await a U.S. Federal Reserve meeting set to happen later in the week stateside.Asia Marketsread more
In the survey, 66% of Democratic primary voters say they'd be enthusiastic or comfortable about Biden as their nominee to take on President Trump in the 2020 election. Just...Politicsread more
Heavy rains caused unprecedented delays in planting this year and contributed to record floods across the central United States.Agricultureread more
Target's registers were down on Saturday for several hours preventing customers from checking out.Retailread more
Although Cook did not mention companies by name, his commencement speech in Silicon Valley's backyard mentioned data breaches, privacy violations, and even made reference to...Technologyread more
U.S. ambassador to Israel David Friedman called the gesture a "birthday present" to Trump, who turned 73 on Friday.Politicsread more
The outlook for Germany's economy and political stability are more uncertain than ever, writes Michael Ivanovitch.World Economyread more
The agreement, which is on the framework for the plan of adjustment, provide for more than a 60% average haircut for all $35 billion, a 36% haircut on pre-2012 general...Bondsread more
In December, Starboard revealed it had taken a 6.1 percent stake in Staples and increased an existing stake in Office Depot to 9.9 percent. At the time, CNBC reported that Starboard was pursuing a merger but the investor hadn't made its intentions public until now. Starboard met with Staples shortly after making its stake and had cordial discussions about a merger with Office Depot, according to a person familiar with the matter.
Last week, Staples announced a series of governance changes such as its intention to separate the CEO and chairman roles but didn't address the possibility of a merger or indicate it was giving the idea any consideration. Staples is expected to reject the request for a merger from Starboard, the Financial Times reported.
In its letter to Staples, Starboard said that synergies from a merger with Office Depot would be sufficient to double the operating profits of the combined company. Starboard added that "if it becomes clear to us that you have no intention of seriously pursuing this unique and highly attractive opportunity, it would be a clear sign that significant leadership change is needed at Staples."
Starboard didn't indicate it plans to nominate directors on the Staples board, but it will need to make a decision soon. According to public filings, The deadline for nominating directors to the Staples board is 90 days prior to the anniversary of the 2014 shareholder meeting. That indicates a deadline on or around March 4, 2015.
Starboard faces a similar situation at Yahoo, in which it revealed a stake last year. The activist has urged Yahoo to make a tax-free divestment of its stakes in Alibaba and Yahoo Japan, while also considering a merger with rival AOL. Yahoo has not yet taken any of those steps, though it is expected to outline plans for the Alibaba stake later this month. The deadline to nominate directors to the Yahoo board is March 27.
Starboard's letter is expected to be made public later Tuesday.
Starboard declined to comment and Staples didn't respond to a request for comment.
UPDATED: This story was updated include the report from the Financial Times that Staples is expected to reject the Starboard request.