October 22, 2016 8:34 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



Key Executives for Starboard Value LP

Chief Executive Officer, Managing Member, and Chief Investment Officer
Age: 44
Managing Member, Head of Risk Management and Trading, and Portfolio Manager
Age: 54
Chief Financial Officer and Chief Compliance Officer
Director of Operations
Managing Member, Head of Research, and Portfolio Manager
Age: 37
Compensation as of Fiscal Year 2016.

Starboard Value LP Key Developments

Stewart Information Services Corporation Announces Board Changes

Stewart Information Services Corporation announced that it has entered into an agreement with Starboard Value LP regarding the composition of the Stewart board of directors. Stewart chief executive officer Matthew Morris and a new independent director, Clifford Press, will be appointed to the board, effective immediately.  Mssrs. Morris and Press will replace Malcolm S. Morris and Stewart Morris, Jr., who have agreed to resign after each serving on the board for 16 years.  In addition, the board has committed to appoint two other new independent directors.  The two new independent directors will replace Laurie Moore-Moore and Frank Keating, two current members of the board, who have agreed to step down once the new independent directors have been identified and appointed to the board. With the addition of Mssrs. Morris and Press, and the two new independent board members to be named, the Stewart board will be comprised of nine directors, eight of whom will be independent. Matt Morris, 45, serves as the chief executive officer of Stewart Information Services Corporation. Previously, he was senior executive vice president for Stewart Information Services Corporation, Stewart Title Company and Stewart Title Guaranty Company. Clifford Press, 63, is an experienced governance oriented investor, and has served on the boards of numerous public companies in the course of his career. He currently serves as a director of Newcastle Investment Corp. and Quantum Corporation. Mr. Press has recently served as a director of GM Network Ltd. and SeaBright Holdings Inc.

Starboard Value Not Seeking To Acquire Depomed

Starboard Value LP is not seeking to acquire additional stake in Depomed, Inc. (NAsdaqGS:DEPO). Depomed said that the company has dropped its bid to oust the Depomed’s board and the special general meeting has been cancelled.

Jeff Smith Reportedly Seeking To Sell Depomed

Depomed, Inc. (NAsdaqGS:DEPO) is reportedly put up for sale following a call from active investors such as Starboard Value LP. Negotiations with potential buyers are expected to kick off shortly after Depomed receives a court decision clarifying the patent exclusivity of its biggest drug Nucynta. The ruling is expected by the end of the month. Depomed is working with investment bank Morgan Stanley. Starboard said it planned to request a special meeting to oust Depomed's board between September 24 and November 17. Whereas, Arbor Pharmaceuticals Inc. backed by KKR & Co. L.P. (NYSE:KKR) previously approached Depomed and was rejected. Horizon Bancorp (NasdaqGS:HBNC) withdrew its roughly $2 billion bid after suffering a legal setback in the takeover battle.

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