Home Depot Opposes Review

ATLANTA-Home Depot’s board of directors is in opposition to a proposal by investment firm Relational Investors to review strategic alternatives for the home-improvement retailer. The move follows speculation earlier this month that there could be a $100-billion leveraged buyout of the company.

At Home Depot’s annual meeting Relational Investors is expected to submit proxies to have its move adopted and may nominate directors for the retailer’s board. Home Depot’s directors say they are in opposition to the plan because they already support management’s plans to increase shareholder value.

Home Depot will hold a meeting shortly after the first of the year to address the concerns of Relational and other shareholders. The investment firm owns just under 13 million shares of Home Depot’s common stock, accounting for 0.6% of its total.