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Stock Market & Financial Investment News

News Breaks
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.
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April 22, 2014
18:53 EDTDRIStarboard urges Darden not to separate Red Lobster prior to annual meeting
Starboard Value LP, one of the largest shareholders of Darden Restaurants, with ownership of approximately 5.5% of the outstanding common stock of the company, announced that it has delivered by letter to Darden written requests from the holders of more than 55% of the company's outstanding common stock to call a special meeting of shareholders. At the special meeting, Starboard will present a non-binding resolution urging the board of Darden not to approve any agreement or proposed transaction involving a Red Lobster separation or spin-off prior to the 2014 annual meeting of shareholders unless such agreement or transaction would require shareholder approval.
11:28 EDTDRIStarboard wins consent to call special Darden meeting, CNBC reports
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11:26 EDTDRIDarden has 60 days to call special meeting, CNBC reports
11:26 EDTDRIStarboard wins consent to call special meeting of Darden holders, CNBC reports
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09:51 EDTDRIStarboard CEO believes fund will win consent solicitation at Darden
Starboard Value is seeking consent to call a special meeting of Darden shareholders where holders would be asked to consider a non-binding resolution urging the Darden board not to approve any agreement or proposed transaction involving a Red Lobster separation or spin-off. Starboard Value CEO Jeffrey Smith is speaking on CNBC.
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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