Activist investor Starboard Value has reportedly raised its stake in Office Depot, Inc. ODP to 10% from 8.6% and has built a roughly 6% stake in Staples, Inc. SPLS, according to sources, as reported by the Wall Street Journal on Wednesday. Filings for the transactions are expected to be released on Thursday.
There has been unusual call activity in Staples over the past week, which can signal major events, including merger activity.
Staples shares closed Wednesday at $14.81, a gain of 2.5%, while Office Depot shares rose 2.5% to close at $6.72.
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