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UPDATE 2-Newell Brands says activist Starboard seeks to replace board

(Adds Breakingviews link, updates share price)

Feb 9 (Reuters) - Newell Brands said on Friday activist investors Starboard Value LP and Opportunity Master Fund Ltd want to nominate 10 directors to its board, seeking to replace the Sharpie pens maker's current slate of nine.

Shares of Newell rose 2.8 percent to $27.13 at mid-afternoon.

Starboard, which owns some 5 percent of Newell, is arguing that the company took wrong decisions in integrating Jarden Corp, the consumer products maker that Newell bought in 2016, according to a Wall Street Journal report from Thursday.

Starboard is teaming up with three former Jarden executives including the former chairman and the CEO in its effort to replace Newell's board and oust Chief Executive Michael Polk, the report said.

"Newell Brands has a diverse, experienced Board that is committed to acting in the best interests of the company and all shareholders," Newell said in a statement.

Starboard declined to comment when contacted by Reuters.

Polk, who has served as Newell's CEO since 2011, has led Newell's acquisition of more than 120 consumer goods brands including Sunbeam and Coleman from Jarden.

But Newell's shares have sunk nearly 37 percent since the Jarden acquisition.

Newell, in its statement, said it was making progress on its goals and highlighted its higher market share, efforts to reduce debt and the closing of four acquisitions in the last two years.

Last month, Newell said it would explore options for some of its assets, a move that could shrink the number of its factories and warehouses as well as its customer base by half.

"We do not see much obvious value creation here beyond what (Newell) has announced given they are already considering asset sales and aggressively cutting costs," analysts at Morgan Stanley said of Starboard's move.

(Reporting by Uday Sampath and Karina Dsouza in Bengaluru; Editing by Sai Sachin Ravikumar)