The Odp Corp Stock Price, News & Analysis

The ODP Corporation (NASDAQ:ODP) will host an enhanced earnings event on February 24, 2021, at 9:00 am Eastern Time. Senior management will discuss the company's 2020 performance, 2021 outlook, capital deployment plans, and digital transformation updates. While the investor day event is postponed, further details will be shared accordingly. The event will be web accessible to the media and the public, with a replay available shortly after. For more information, visit the company's Investor Relations website.

The ODP Corporation (NASDAQ:ODP) has launched Elevate Together™, a nonprofit initiative aimed at supporting Black and Hispanic-owned small businesses. In partnership with the National Urban League and the US Hispanic Chamber of Commerce, this program will offer educational workshops, mentorship, and potential cash grants. The ODP Corporation has committed an initial investment of $250,000 to support the initiative in cities like Atlanta and Los Angeles. This program is part of ODP's mission to empower minority-owned businesses and boost local economies.

The ODP Corporation (NASDAQ:ODP) has appointed Marcus B. Dunlop, a partner at HG Vora Capital Management, to its Board of Directors, expanding the Board to ten members. HG Vora, a significant shareholder owning 9.5% of ODP's common stock, supports the company's transformation into a B2B provider. Dunlop brings extensive investment experience and aims to enhance shareholder value through growth initiatives. The leadership change is expected to strengthen the company's strategic direction amid competitive market challenges.

The ODP Corporation (NASDAQ: ODP) has rejected Staples' acquisition proposal of $40.00 per share, believing a more valuable path exists for its shareholders. The Board cited concerns over Staples' interest in ODP's retail operations while proposing to divest its B2B business. ODP is focusing on its B2B growth strategy and a potential sale of its CompuCom IT services. The company remains open to combining retail operations with Staples under the right circumstances, emphasizing reduced regulatory risks. ODP aims to maximize shareholder value through strategic initiatives and is committed to a customer-centric approach.

The ODP Corporation (NASDAQ:ODP) confirmed it received an acquisition proposal from USR Parent, the parent company of Staples. The Board of Directors is reviewing the offer in consultation with financial and legal advisors, considering potential regulatory challenges due to USR Parent's ownership of Staples, along with the proposal's purchase price and conditions. USR Parent expects the regulatory review to take about six months. Meanwhile, ODP continues to implement its B2B strategy for growth and cost savings.

USR Parent, Inc. has proposed to acquire The ODP Corporation for $40.00 per share in cash, representing a 61% premium over ODP's average closing price in the past 90 days. Staples believes this transaction offers a compelling value for ODP's shareholders. The company is prepared to handle regulatory approvals and divest ODP's B2B Business as needed. Staples holds approximately 4.9% of ODP's common stock and plans to initiate a tender offer in March 2021 if a negotiated agreement is not reached.

CompuCom, a subsidiary of The ODP Corporation (NASDAQ:ODP), has received a Class D Permit in New Jersey for e-waste recycling. This certification under the state's electronic waste management act allows CompuCom to safely manage end-of-life electronic devices. President Mick Slattery emphasized the importance of sustainability and the company's role in reducing e-waste through its IT Asset Disposition Program. This program ensures proper handling, tracking, and recycling of outdated technology, benefiting both customers and the environment.