Seeking Alpha

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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