Activist investor Starboard Value LP and its affiliates have reduced their stake in Darden Restaurants Inc. by about 11 percent as the entities take advantage of “significant appreciation” in Darden’s stock price, the hedge fund said Tuesday in federal filings. Starboard led a proxy fight that ousted Darden’s 12-member board in October 2014 and made the hedge fund’s CEO, Jeffrey C. Smith, chairman. After the share sales, the hedge fund still holds about 8.1 ...

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