Starboard Value LP is calling for office-supply chains Staples Inc. and Office Depot Inc. to merge in a letter it plans to release Tuesday, the first time the activist has publicly declared itself in support of a tie-up of the rivals since taking a stake in Staples last month. In a letter to Staples, reviewed by The Wall Street Journal, the activist says the cost cuts in a combination could more than double operating profits and that the two chains could be more efficient about closing stores when combined.
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