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Monday, February 24, 2014

Starboard wants to put Darden's Red Lobster spinoff plan to vote, (NYSE: DRI)

Darden Restaurants Inc's plan to spin off its Red Lobster chain should be put to a shareholder vote, activist hedge fund Starboard Value LP said, drawing support from at least one other investor.Darden said in December it would spin off or sell the floundering Red Lobster chain, bowing to pressure from hedge fund Barington Capital Group.However, Barington on Monday came out in support of Starboard's proposal."We strongly support Starboard's efforts to give shareholders the right to voice their opinions on Darden's plan to sell or spin-off its Red Lobster business," James Mitarotonda, chief executive of Barington Capital Group said in a statement.

Darden Restaurants, Inc. is a full service restaurant company. Shares of DRI fell by 0.08% or $-0.04/share to $50.97. In the past year, the shares have traded as low as $44.78 and as high as $55.25. On average, 1613450 shares of DRI exchange hands on a given day and today's volume is recorded at 622476.