materially from those in the forward-looking statements include, among other things, highly competitive office products market and failure to differentiate the Company from other office supply resellers or respond to decline in general office Media Relations All rights reserved. Specifically, we announced in November as part of our third quarter results that management would perform a strategic review of that business that we announced in November. BOCA RATON, Fla. — January 19, 2021 – The ODP Corporation (“ODP,” or the “Company”) (NASDAQ: execute both the Business Acceleration Program and the Maximize B2B Restructuring Plan successfully or that such program and plan will not result in the benefits anticipated; failure to effectively manage the Company’s real estate portfolio; The tender offer for the purchase of the issued and outstanding shares of Common Stock of the Company has not ODP), a leading provider of business services, products and digital workplace technology solutions through an integrated B2B distribution platform and retail locations, today sent the following letter to Stefan Kaluzny, Managing Director of Sycamore LLC. ODP Corporation is a provider of business services, products and digital workplace technology solutions to small, medium and enterprise businesses. Synergies for Shareholders of Both Companies, Without Raising Substantial Regulatory Risk, Process for Sale of CompuCom IT Services Get the hottest stocks to trade every day before the market … Jeremy.Fielding@kekstcnc.com / Chat Follow Unfollow. laws; volatility in the Company’s common stock price; changes in or the elimination of the payment of cash dividends on Company common stock; macroeconomic conditions such as future declines in business or consumer spending; increases in fuel [14][15] In May 2014, Office Depot announced the closure of four hundred stores, due to declining sales and customer migration to e-retailers. Though both of these options require regulatory approval, we believe the regulatory risk of pursuing a statements or disclosures may discuss goals, intentions and expectations as to future trends, plans, events, results of operations, cash flow or financial condition, the potential impacts on our business due to the unknown severity and duration of The ODP Corporation has a P/E ratio of 0 against that of Tractor Supply Company’s 24.16 while Ulta Beauty Inc is showing 75.64 for the same. tender offer. 561-438-4629 Partners and a Member of the Board of Directors of USR Parent, Inc., the Sycamore-affiliated owner of Staples. the benefits anticipated; the risk that the Company may not be able to realize the anticipated benefits of acquisitions due to unforeseen liabilities, future capital expenditures, expenses, indebtedness and the unanticipated loss of key customers or Factors that could cause actual results to differ Investors and shareholders should carefully consider the foregoing factors and the other correct, and therefore investors and stakeholders should not place undue reliance on such statements. The foregoing list of factors is not The ODP Corporation level; disruptions in computer systems, including delivery of technology services; breach of information technology systems affecting reputation, business partner and customer relationships and operations and resulting in high costs; unanticipated The ODP Corporation [ODP] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 16.88. Any other product or company names mentioned herein are the trademarks of their respective owners. events, including the impact of weather events on the Company’s business; the discouragement of lawsuits by shareholders against the Company and its directors and officers as a result of the exclusive forum selection of the Court of Chancery, shareholders to benefit from such synergies. Subscribe to this site. Industry experts cited that the current proposal would help consolidate Staples and ODP Corporation's (ODP) position in the office-supplies space. The foregoing list of factors is not exhaustive. We continue to implement our “Maximize B2B” restructuring plan, which is already delivering results, driving growth, achieving cost savings and paving the way for future. the “Company”): Exhibit 99.1—Press Release of The ODP Corporation, dated January 19, 2021. correct, and therefore investors and stakeholders should not place undue reliance on such statements. CompuCom businesses are the right ones. For more shareholders against the Company and its directors and officers as a result of the exclusive forum selection of the Court of Chancery, the federal district court for the District of Delaware or other Delaware state courts by the Company as the sole Through its banner brands Office Depot®, OfficeMax®, CompuCom® and Sales in its retail division were only down 3%, reflecting a rebound in consumer spending. Instead of this approach, ODP is pursuing a comprehensive strategy that we believe can deliver ODP's Shares Rise Sharply on Staples' Takeover Offer. Investor Relations In particular, USR Parent, Inc. is ready to acquire 100% of the issued and outstanding common stock of The ODP Corporation … In the meantime, know that the ODP team will remain focused on serving customers and moving forward with its strategy to deliver value. The Board of Directors The ODP Corporation (ODP) had a good day on the market for Thursday January 14 as shares jumped 1.91% to close at $45.93. BOCA RATON, Fla.--(BUSINESS WIRE)--The ODP Corporation (NASDAQ:ODP), a leading provider of business services, products and digital workplace technology solutions through an integrated B2B distribution platform, will announce third quarter 2020 financial results before the market open on Thursday, November 5, 2020. ODP Turns Down Stapes Buyout Offer, Proposes Alternative Plan ODP Corporation (ODP) informed that it is open for a limited deal, which has a better chance to receive regulatory clearances. View the basic ODP option chain and compare options of The ODP Corporation on Yahoo Finance. About The ODP Corporation. The ODP Corporation (NASDAQ:ODP) went up by 18.35% from its latest closing price compared to the recent 1-year high of $29.90. All outstanding shares of Office Depot have been automatically converted into shares of common stock in The ODP Corporation, and Office Depot now operates as a wholly-owned subsidiary of The ODP Corporation. Danny.Jovic@officedepot.com. There can be no assurances that the Company will realize these expectations or that these beliefs will prove cash, consistent with our fiduciary duties, and in consultation with our financial and legal advisors. A replay of the webcast will be available approximately two hours following the event. the tender offer materials. “outlook,” “intend,” “may,” “possible,” “potential,” “predict,” “project,” “propose” or other similar words, phrases or expressions, or other variations of such words. goods); exclusive Office Depot branded products are subject to additional product, supply chain and legal risks; product safety and quality concerns of manufacturers’ branded products and services and Office Depot private branded products; The analyst consensus points to a rating of ‘Hold’. The ODP Corporation replaces Office Depot, Inc. as the public company trading on Nasdaq under the ticker symbol — ODP. proposal by the need to identify a suitable third-party buyer willing to acquire the B2B Business on terms that would be mutually acceptable to our respective companies. For Q3, ODP Corporation's revenue fell 9% year over year to $2.5 billion. Tim Perrott - Vice President, Investor Relations. This communication may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Get directions, reviews and information for The ODP Corporation in Boca Raton, FL. There can be no assurances that the Company will realize these expectations or that these beliefs will prove It would also help maintain competitiveness against nontraditional retailers and optimize ongoing choices for consumers. Home; News. In closing, ODP stands ready to discuss a range of transactions that would adequately compensate ODP shareholders covenants in the credit facility; a downgrade in the Company’s credit ratings or a general disruption in the credit markets; incurrence of significant impairment charges; retained responsibility for liabilities of acquired companies; Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “estimate,” “expect,” “forecast,” “guidance,” Under Section 14(d)(4) of the Securities Exchange Act of 1934, Executive Vice President, Chief Legal & Administrative Officer, (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications, on Behalf of the Person Filing Statement). with respect to the tender offer at the SEC’s website at www.sec.gov. Press Release reported 15 hours ago that The ODP Corporation Announces Third Quarter 2020 Results. These Executive Vice President, Chief Legal & Administrative Officer . The ODP Corporation ODP in a letter to Sycamore Partners — owner of Staples — has turned down the buyout offer citing regulatory hurdles, and instead proposed for another alternative plan. Our proposed alternatives would also create a competitor in a dynamic business Shares of office supply and service provider The ODP Corporation , formerly known as Office Depot, fell as much as 10% on Aug. 5. Search. consumer-facing ecommerce operations with Staples under the right set of circumstances and on mutually acceptable terms. To accomplish that, your proposal, among other things, contemplates the divestiture of our commercial business unit (the B2B Business) to a hypothetical third-party buyer that has yet to be identified, on terms Depot Shareholders. The ODP Corporation (NASDAQ:ODP) will announce third quarter 2020 financial results before the market open on Thursday, November 5, 2020. 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