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Stock Market & Financial Investment News

News Breaks
May 16, 2014
08:03 EDTDRIDarden announces sale of Red Lobster to Golden Gate Capital for $2.1B
Darden announced that it has entered into a definitive agreement to sell its Red Lobster business and certain other related assets and assumed liabilities to Golden Gate Capital for $2.1B in cash. Darden expects to receive net cash proceeds, after tax and transaction costs, of approximately $1.6B, of which approximately $1B will be used to retire outstanding debt. The remaining net proceeds of approximately $500M-$600M will be deployed for a new share repurchase program of up to $700M in fiscal 2015. Darden expects to maintain its current quarterly dividend of 55c per share, or $2.20 annually. The company said it and its advisors directly contacted a broad universe of potential financial and strategic buyers to purchase the Red Lobster business. In addition, the company said a significant number of real estate buyers were also contacted to facilitate attractive sale-leaseback financing for the purchase of the Red Lobster business.
News For DRI From The Last 14 Days
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October 16, 2014
09:45 EDTDRIDarden expands board to 13, adds William Simon
Darden Restaurants (DRI) announced that William Simon has been appointed to the company's board, effective immediately. As a result of this action, the board also voted to expand the number of seats on the Board to 13. Simon, most recently the CEO of Walmart U.S. (WMT) and a former senior executive at Brinker (EAT), previously served on Darden's board for two years but did not stand for re-election. Darden said its board "will continue to evaluate additional qualified candidates and may, or may not, make an additional appointment to the Board in the future."

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