The company said in December that it planned to spin off or sell the 705-restaurant Red Lobster seafood chain, and said at the time that the transaction would not require a shareholder vote. Starboard, which owns 5.5 per cent of Darden, has urged Darden to delay its plans to spin-off the chain saying it could destroy as much as $US800 million of shareholder value. Starboard’s Chief Executive Jeffrey Smith has asked the company to consider other options to boost value, including slashing operating costs, improving restaurant results and divesting real estate. “The Red Lobster separation doesn’t make a lot of sense,” Smith said on CNBC’s Squawk on the Street show on Tuesday.
Posted on: Wed, 23 Apr 2014 12:19:13 +0000
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