March 29, 2019 / 10:43 AM / 25 days ago

Magellan Health signs board deal with Starboard Value

March 29 (Reuters) - Magellan Health Inc said on Friday it entered into an agreement with Starboard Value LP allowing four new independent directors to join the pharmacy benefits manager’s board immediately.

After the upcoming 2019 annual meeting, Magellan Health’s board will comprise 10 directors, the company said in a statement.

Reuters reported on Thursday that the company was nearing an agreement with the hedge fund, which owns a stake of about 9.8 percent in it. (Reporting by Saumya Sibi Joseph in Bengaluru; Editing by Shinjini Ganguli)

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