Seeking Alpha

Starboard hammers Darden over Red Lobster deal

Starboard Value opposes the sale by Darden Restaurants (DRI -4%) of Red Lobster in no uncertain terms.

The hedge fund says by its calculation a deal price of $2.1B destroys close to $800M of Darden shareholder value.

"It appears that Darden has instead sold Red Lobster in a rushed transaction at a severe discount," wrote Starboard CEO Jeffrey Smith.

Smith beat the over-under on a Starboard bashing of Darden by a few hours.

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