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Starboard takes 6.8 percent stake in Depomed, seeks to nominate board

Activist investor Starboard Value LP on Thursday reported a 6.8 percent stake in Depomed Inc (DEPO.O) and said it intends to nominate a slate of directors to the drug maker's board.

The hedge fund, which is now Depomed's third-largest shareholder, said it considered the company's shares undervalued, making them an attractive investment opportunity. (

Depomed's stock rose 9 percent in extended trading.

"Depomed notes that Starboard has not communicated with the company prior to filing the 13D and has not attempted to hold any discussions with the company," a spokesman for Depomed said in an emailed...