Starboard Value LP has urged the shareholder board of Office Depot to explore the sale of its Mexican joint venture interest.

In a letter to the board, Starboard, which owns 14.8 stake in Office Depot, highlights its belief that the value of the 50 percent joint venture interest of the company in its Office Depot de Mexico business in not fully shown in the stock price of the retailer.

Mexican retailer Groupu Gigante, which also owns the venture's other half, offered $6.87.34 million to purchase the stake that it does not own but said that its offer would expire in the future after the office supply retailer turned it down.

Starboard suggested the office supply chain to promptly obtain consent from OfficeMax Inc. under its merger agreement to immediately explore interest sale given that the bid of Groupu is set to end on February 28.

Office Depot agreed last week with its smaller supply office rival OfficeMax in an all-stock deal worth $976 million.