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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 8, 2015
10:00 EDTDRIOn The Fly: Analyst Initiation Summary
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October 7, 2015
18:20 EDTDRIDarden initiated with a Neutral at SunTrust
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