Starboard Value LP said Monday it has delivered an open letter to the board of Depomed Inc. seeking a special shareholder meeting for November 15. The company, which has a 9.8% stake in Depomed, said it still believes the company is "deeply undervalued" and that it needs to replace its board to better represent the interests of shareholders. it outlined a plan for expanding the board to add back up to three incumbent directors, as well as its own advisors, if successful in replacing the board. Depomed shares were not yet active in premarket trade, but are up 34% in the year so far, while the S&P 500 has gained 4.7%.
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