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Depomed Inc (DEPO): Starboard Value Snatches Up Another 1.5 Million Shares

Published on April 16, 2016 at 8:58 pm by Insider Monkey Staff in Hedge Funds, News
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According to a newly-amended 13D filing with the SEC, Jeffrey Smith‘s Starboard Value LP owns 5.64 million shares of Depomed Inc (NASDAQ:DEPO), which account for 9.2% of the company’s outstanding stock. Mr. Smith’s firm has added about 1.50 million shares to its position since it reported a holding of 4.14 million shares in a previous 13D filing. In that previous filing, the activist investor also voiced concerns about the board’s intention to strengthen itself, saying that it should instead be focused on working constructively with shareholders to increase shareholder value. Given that, Starboard Value LP revealed that it will recommend one or more candidates for the position of Director on the company’s board.

Among the funds tracked by Insider Monkey, at the end the December a total of 23 hedge funds were bullish on this stock. Richard Mashaal’s RIMA Senvest Management held the most valuable position in Depomed Inc (NASDAQ:DEPO), which was worth $74 million. Coming in second was Kevin Kotler’s Broadfin Capital, which reported a $13.2 million position in its latest 13F filing. Other investors that held long positions were Matthew Mark’s Jet Capital Investors, Paul Sinclair’s Blue Jay Capital Management, and Joseph Edelman’s Perceptive Advisors.

On the other hand, Carl Tiedemann and Michael Tiedemann’s TIG Advisors dumped the largest investment among the firms that we track, valued at close to $48.5 million in stock, followed by Thomas Steyer’s fund, Farallon Capital, which dumped about $30.3 million worth of shares. Total hedge fund interest in Depomed Inc (NASDAQ:DEPO) dropped by nine funds in the fourth quarter.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
STARBOARD VALUE 5,640,000 5,640,000 5,640,000 5,640,000 5,640,000 9.2%
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD 4,346,917 5,640,000 4,346,917 5,640,000 4,346,917 7.1%
STARBOARD VALUE AND OPPORTUNITY S 514,482 5,640,000 514,482 5,640,000 514,482 Less than 1%
STARBOARD VALUE AND OPPORTUNITY C 285,827 285,827 285,827 Less than 1%
STARBOARD VALUE R 285,827 285,827 285,827 Less than 1%
STARBOARD VALUE R GP 285,827 285,827 285,827 Less than 1%
STARBOARD VALUE GP 5,640,000 5,640,000 5,640,000 9.2%
STARBOARD PRINCIPAL CO 5,640,000 5,640,000 5,640,000 9.2%
STARBOARD PRINCIPAL CO GP 5,640,000 5,640,000 5,640,000 9.2%
JEFFREY C. SMITH 16,450 16,450 5,640,000 9.2%
MARK R. MITCHELL 5,640,000 9.2%
PETER A. FELD 5,640,000 9.2%
GAVIN T. MOLINELLI 16,450 0%
PATRICK SULLIVAN 0%
JAMES P. FOGARTY Less than 1%

Follow Jeff Smith's Starboard Value LP

Page 1 of 26 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d-2(a)
(Amendment No. 1)1
Depomed, Inc.
(Name of Issuer)
Common Stock, no par value
(Title of Class of Securities)
249908104
(CUSIP Number)
JEFFREY C. SMITH
STARBOARD VALUE LP
777 Third Avenue, 18th Floor
New York, New York 10017
(212) 845-7977
 
STEVE WOLOSKY, ESQ.
OLSHAN FROME WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)
April 8, 2016
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.
_______________
1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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