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Starboard drops its bid to oust Depomed's board

Oct 17 Depomed Inc said activist investor Starboard Value LP, which owns 9.8 percent of the drugmaker, had dropped its bid to oust the company's board.

The company said a special shareholder meeting scheduled for Nov. 15 was canceled.

Depomed, which has six directors on its board, said Starboard would appoint three independent directors - James Fogarty, Robert Savage and James Tyree. (Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Maju Samuel)

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