Depomed Responds To Activist Investor, Notes Starboard Has Made No Contact With Management

Shares of Depomed Inc DEPO were trading higher by more than 13 percent Friday afternoon after notable activist investment Starboard Value disclosed a large stake in the company.

Related Link: Depomed Spikes 17% As Activist Investor Discloses Large Stake

Depomed issued a brief response following Starboard's disclosure and letter. The company simply said that it "welcomes open communications with its shareholders and values constructive input toward the goal of enhancing shareholder value."

Depomed also noted that prior to Starboard's notice, the activist investment firm has not attempted to hold any discussions with the company.

"Depomed's Board and management are committed to creating value for all Depomed shareholders," the company also said in its response. "The Depomed Board of Directors recommends that shareholders take no action at this time."