April 30, 2016 4:00 AM ET

Capital Markets

Company Overview of Starboard Value LP

Company Overview

Starboard Value LP is a privately owned hedge fund sponsor. The firm primarily provides its services to pooled investment vehicles. It also caters to state and municipal government entities. The firm invests in the public equity markets of the United States. It invests in value stocks of small-cap companies. The firm employs fundamental analysis to make its investments. Starboard Value LP was founded in March 2011 and is based in New York City.

777 Third Avenue

18th Floor

New York, NY 10017

United States

Founded in 2011

Phone:

212-845-7977

Key Executives for Starboard Value LP

Chief Executive Officer, Managing Member, and Chief Investment Officer
Age: 43
Managing Member, Head of Risk Management and Trading, and Portfolio Manager
Age: 53
Chief Financial Officer and Chief Compliance Officer
Director of Operations
Managing Member, Head of Research, and Portfolio Manager
Age: 36
Compensation as of Fiscal Year 2015.

Starboard Value LP Key Developments

Starboard Mulls DepoMed Sale

Starboard Value LP believes that significant opportunities exist to create value through better execution, improved capital allocation and potentially, a sale of DepoMed Inc. (NasdaqGS:DEPO). We acquired our position in Depomed because we believe that the Company is substantially undervalued and opportunities exist to create significant value for shareholders. This includes an opportunity to improve capital deployment, rationalize research and development, and explore a potential sale of the Company given potential operating, financial, and tax synergies. However, while still acquiring our position, Depomed filed preliminary proxy materials for the upcoming annual meeting with a proposal to change the Company's state of incorporation from California to Delaware (the "Reincorporation Proposal"). Upon further review, we identified unconventional provisions that indicate management and the Board are using the Reincorporation Proposal as a tactic to further entrench themselves by suppressing shareholder rights that currently exist under Depomed-California. This is just the latest egregious example of poor corporate governance and entrenchment by this Board. Apparently, it was not enough for the current Board to unilaterally adopt onerous and shareholder-unfriendly special meeting bylaw provisions in July 2015, as part of its efforts to fend off an unsolicited proposal to acquire the Company from Horizon Pharma.", said Starboard a letter sent to DepoMed..

Starboard Value Reportedly Pressures For Sale Of Yahoo! Business

Starboard Value LP intends to bear pressure on the Board of Yahoo! Inc. (NasdaqGS:YHOO) to sell its core businesses. Starboard reportedly said that that it would put up a slate of nine Directors for Yahoo!, according to a person briefed on the matter, who spoke on the condition of anonymity. Yahoo has argued that it is serious about exploring such a sale, retaining three investment banks and contacting a number of potential buyers, including telecommunications giants, media companies and private equity firms and a number of possible suitors have signed nondisclosure agreements, though the process is still in its early stages.

Yahoo To Meet With Activist Investor Starboard Next Week

The Board of Directors of Yahoo! Inc. (NasdaqGS:YHOO) is scheduled to meet Starboard Value LP next week to avoid a proxy battle. As per the sources, Starboard Value is demanding the sale of Yahoo! Inc. (NasdaqGS:YHOO). Yahoo received 40 expressions of interest from prospective bidders including Verizon Communications Inc. (NYSE:VZ), AT&T, Inc. (NYSE:T), Time Inc. (NYSE:TIME) and many other private-equity firms as per the sources. The process is now moving to a new stage of whittling the suitors into a more manageable group of 12 to 16 parties before it opens the data room and provides detailed financial information.

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