Jeffrey Smith‘s Starboard Value has settled its dispute with Depomed Inc (NASDAQ:DEPO) after the two announced an agreement where the Depomed board will include three new independent directors in return for Starboard withdrawing a request for a special meeting. The three directors will add to the existing six current board members of Depomed. Starboard currently owns around 9.8% of the float and wants Depomed’s board to consider strategics alternatives including selling itself. At the end of June, 23 funds tracked by Insider Monkey owned $328.2 million worth of Depomed Inc (NASDAQ:DEPO)’s stock, which accounted for 27.40% of the float.
Corrections Corp Of America (NYSE:CXW) is trending after the company has amended and extended its Intergovernmental Service Agreement with the City of Eloy, Arizona, for CCA’s leased and operated 2,400-bed South Texas Family Residential Center. The updated agreement will provide a new lower fixed monthly payment beginning November 16. In addition, Corrections Corp of America updated its guidance, with the company’s management now expecting adjusted diluted EPS of $1.78-$1.81 and normalized FFO per diluted share of $2.57-$2.60 for the full 2016. For the next year, Corrections Corp Of America (NYSE:CXW) expects adjusted diluted EPS of $1.35-$1.45 and normalized FFO per diluted share of $2.11-$2.21. A total of 15 funds from our database had a bullish position in Corrections Corp Of America (NYSE:CXW) at the end of the second quarter, up by two funds from the previous quarter.