Starboard’s Stealth Depomed Stake Surprises Markets

The activist firm is the latest to use a technique allowing managers to quietly build big stakes without telegraphing their intentions.

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Starboard Value disclosed its newest activist target on Friday, and it apparently took investors by surprise.

The New York hedge fund firm said it owned 9.8 percent of Depomed, a pharmaceutical company that specializes in neurology-related products. The stock — which has a roughly $1 billion market value — surged 13 percent, to close at $16.95.

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