Starboard value pressures Darden Restaurants

Starboard Value wants to have shareholders of Darden Restaurants (DRI) vote at a special meeting on the company's plan to spin off Red Lobster.

The hedge fund needs to win support of a majority of the shareholders in the next 60 days to force Darden to schedule the meeting.

Starboard, which owns a 5.5% stake in the restaurant operator, would like to see Darden spin off more chains than just the one.

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