Starboard value pressures Darden Restaurants

|About: Darden Restaurants, Inc. (DRI)|By:, SA News Editor

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.