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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