Depomed Inc. activist Starboard Value LP is seeking to replace six board directors at the developer of oral drug-delivery technologies, part of its fight to halt expansion of the company’s “egregious” takeover defenses.
Starboard, which owns 9.8 percent of Depomed in stock and options, is nominating five members of its own investment team plus an independent director as placeholder dissidents, it wrote in a letter dated April 8 to Depomed Chief Executive Officer Jim Schoeneck that was seen by Bloomberg. Some of the nominees are pending the recruitment of more qualified candidates as Starboard seeks a special shareholder meeting to vote on its slate, according to the letter.
