Activist shareholder Starboard Value LP said on Monday that it remained unsatisfied with Darden Restaurants Inc.’s plan to spin off its Red Lobster brand and would try to replace the current board members with its own slate if the company doesn’t propose more extensive alternatives. In a letter to Darden’s chief executive and board, New York-based Starboard said it had met Jan. 29 with Darden executives at the company’s Orlando, Fla., headquarters, but the investor, ...

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