date:Jan 23, 2014
Darden Restaurants, Inc. defended its plan to separate Red Lobster and suspend unit growth for Olive Garden after shareholders challenged the strategy.
Starboard Value L.P., which owns approximately 5.5% of Dardens outstanding common stock, recommended in a Jan. 21 letter that the casual-dining operator delay its spin-off of Red Lobster in pursuit of alternative options, such as a company-wide cost-reduction plan or sale of the companys real estate.
We believe the company should more fully eva