Starboard Depomed Director Deal Bolsters Sale Prospects
DepoMed shares were up slightly in after-hours trading Monday after the pain medication maker announced it had reached a deal with activist investor Starboard Value's Jeff Smith to add three dissident directors to its board appointed by the insurgent fund manager.
The settlement should make it more likely that DepoMed sells itself as part of an auction process it reportedly launched last month. The three dissident directors will join six other directors on the company's board, bringing its total board size to nine members.
The settlement should make it more likely that DepoMed sells itself as part of an auction process it reportedly launched last month. The three dissident directors will join six other directors on the company's board, bringing its total board size to nine members.