October 17, 2016 / 8:51 PM / 10 months ago

Starboard drops its bid to oust Depomed's board

Oct 17 (Reuters) - 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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