Activist investor Starboard Value L.P. put forth a plan on Thursday to replace all 12 directors on Darden Restaurant Inc.’s board with its own slate, which includes several restaurant industry veterans. Starboard Value, which owns 6.2 percent of Darden’s shares, in a letter to other shareholders condemned Orlando, Fla.-based Darden's proposed $2.1 billion sale of Red Lobster to private equity firm Golden Gate Capital, which was announced May 16. Starboard also criticized ...
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Contact: Desiree Torres Desiree.Torres@penton.com