Depomed Rises After Starboard Value Seeks Control of Board

  • Activist discloses 9.8% stake in drug-delivery company
  • Starboard critical of company's takeover defense efforts

Starboard CEO Jeff Smith.

Photographer: Jacob Kepler/Bloomberg

Depomed Inc. shares rose Friday after activist Starboard Value LP said it’s seeking to replace six directors at the developer of oral drug-delivery technologies, part of its fight to halt expansion of the company’s “egregious” takeover defenses.

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