Activist investor Starboard Value LP urged Darden Restaurants Inc. on Tuesday to delay the spinoff or sale of its Red Lobster chain and to consider broader changes at the casual-dining company than those announced last month. New York-based Starboard, which represents about 5.5 percent of Darden’s shares, said in a letter to chairman and chief executive Clarence Otis that it would like the Orlando, Fla.-based company to look more closely at improving operations, cost-cutting and the ...
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Contact: Desiree Torres Desiree.Torres@penton.com