Darden Restaurants, Inc. (DRI) - NYSE
  • May 16, 2014, 8:10 AM
    • Darden Restaurants (DRI) will sell Red Lobster to Golden Gate Properties for $2.1B.
    • The company plans to use $1B of the net proceeds to pay off debt and funnel $500M-$600M toward share buybacks.
    • The deal is expected to close during FQ1.
    • DRI +0.2% premarket
    | May 16, 2014, 8:10 AM
  • Dec. 23, 2013, 2:11 AM
    • Activist investor Starboard Value has reportedly bought a 5.6% holding in Darden Restaurants (DRI) just days after the latter said it intends to spin off its Red Lobster operations following pressure to restructure from another shareholder, Barington Capital Group.
    • However, Darden's plan is not enough for Starboard, which wants the restaurant operator to create a real estate investment trust (REIT) for its property holdings, and combine its Red Lobster, Olive Garden and LongHorn Steakhouse chains into one company, and its faster-growing businesses into another.
    • Starboard hasn't been in contact with Barington, whose wish list is similar but not identical to Starboard's, although it has spoken with other disgruntled shareholders.
    | Dec. 23, 2013, 2:11 AM | 1 Comment
  • Jul. 12, 2012, 5:25 PM

    Darden Restaurants (DRI) -1.4% AH after announcing the acquisition of restaurant chain Yard House for $585M in cash (after accounting for $30M in tax benefits). Darden predicts Yard House, which owns 39 restaurants in 13 states, will dilute its FY13 (ends May '13) EPS by $0.03-$0.05, and be accretive afterwards. Darden now plans only $50M worth of FY13 stock buybacks, down from a prior $200M-$250M. (PR)

    | Jul. 12, 2012, 5:25 PM | 2 Comments
Company Description
Darden Restaurants, Inc. engages in the provision of restaurant services. The company's restaurant brands include Olive Garden, LongHorn Steakhouse, Bahama Breeze, Seasons 52, The Capital Grille, Eddie V's and Yard House. The Olive Garden brand is a full service dining Italian restaurant... More
Sector: Services
Industry: Restaurants
Country: United States