Staples Postpones Shareholders Meeting

Staples Inc. postponed its June annual shareholders meeting to a yet-to-be determined date in August. The move comes a day after a judge ruled to delay its controversial plan to buy back shares of its online unit.

A Delaware judge ruled that the Framingham, Mass.-based company needed to provide its shareholders with more information on its share repurchase plan.

Staples in March dropped its planned initial public offering of a tracking stock for the online business. In a move that has angered its shareholders, Staples said it would instead combine several business units and convert Staples.com stock into Staples Inc. shares, in a deal that valued the Internet unit at about $7 a share, more than double the $3.25 at which the shares had originally been issued. Staples shares fell 4 cents to close at $14.26 on Nasdaq.