Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, December 19, 2013

Darden to spin off or sell Red Lobster restaurant chain, (NYSE: DRI)

Darden Restaurants Inc said it would sell or spin off its Red Lobster business, buckling under pressure from activist investor Barington Capital Group. Barington wants Darden to split into two companies - one that operates its mature Olive Garden and Red Lobster chains and another that includes its higher-growth LongHorn Steakhouse, Seasons 52, Capital Grille, Yard House, Eddie V's and Bahama Breeze restaurants.

Darden Restaurants, Inc. is a full service restaurant company. Shares of DRI traded higher by 1.13% or $0.59/share to $52.92. In the past year, the shares have traded as low as $44.11 and as high as $55.25. On average, 1921630 shares of DRI exchange hands on a given day and today's volume is recorded at 2044995.