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December 23, 2013
07:56 EDTDRIStarboard says Darden plan ' falls significantly short,' takes stake
Starboard Value reported a 5.6% stake in Darden and said it believes opportunities exist within the control of the company's management and board to "take actions that would create significant value for the benefit of all shareholders." Starboard said it has conducted "extensive research" on the company, including the proposed separation of the Red Lobster business. Starboard believes that the "plan outlined by management falls significantly short of the actions required to maximize shareholder value." Starboard added that it is "disappointed with the continued poor financial performance" of Darden. Starboard intends to engage in discussions with the company. Starboard believes "there is a significant opportunity to dramatically improve the operating performance at the Issuer, as well as opportunities to realize substantial value from the Issuer’s real estate holdings and to explore other strategic options available to the Issuer to maximize shareholder value, including alternative business sale or separation transactions." Shares of Darden are up 4% to $53.00 in pre-market trading.
News For DRI From The Last 14 Days
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April 13, 2014
16:04 EDTDRIDarden sued by investors on corporate bylaws, WSJ says
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April 11, 2014
13:45 EDTDRIDarden responds to ISS, Glass, Lewis reports
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