The activist investor Starboard Value is bringing its next boardroom coup attempt to Depomed, asking shareholders to replace all of the company's directors with those of its own choosing.
Starboard is nominating six people for the drugmaker's board and searching for another candidate for the seventh seat, accusing the current directors of being more concerned with entrenching themselves than improving shareholder value. Starboard, of New York, has acquired a nearly 10 percent stake in the Newark, California, company.
Depomed said in response Friday that its board is committed to creating value for all shareholders.
Starboard is leading a shareholder mutiny at Yahoo as well, where it also wants to replace the board in a fight for control.
Shares of Depomed Inc. are up 18 percent in early trading.