Starboard believes Red Lobster separation 'not in best interests' for Darden In a letter to Daren CEO and the board, Starboard, with ownership of 5.5% of the company's stock, said it believes the plan to separate Red Lobster is not in the best interests of shareholders and could potentially destroy substantial value. Starboard said that "a number of shareholders" have expressed similar concerns for the plan and also believe a spin-off or sale of Red Lobster could result in "substantial shareholder value destruction." Starboard adds that it is "currently evaluating all options in furtherance of providing a means for shareholders to have their voices heard on the proposed Red Lobster separation prior to its completion. We are also prepared to take all steps necessary to hold the Board accountable for its actions, including nominating a majority slate of director candidates and seeking the support of our fellow shareholders to replace a majority of the Board at the 2014 Annual Meeting."
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