Starboard Value LP launched a fight to take over Darden Restaurants Inc's board, saying the planned sale of Darden's struggling Red Lobster chain was a "destructive transaction" that ignored the rights of shareholders.Darden said last week it would sell the seafood chain to private equity firm Golden Gate Capital for $2.1 billion, defying Starboard and another activist investor Barington Capital.Darden is under pressure from investors because of flagging sales at Red Lobster in the face of competition from cheaper chains such as Chipotle Mexican Grill Inc.Darden reported a 1.1 percent fall in third-quarter revenue in March, with sales at established Red Lobster restaurants falling 8.8 percent.
Chipotle Mexican Grill, Inc. (Chipotle) operates Chipotle Mexican Grill restaurants. Shares of CMG traded higher by 3.48% or $17.57/share to $521.75. In the past year, the shares have traded as low as $350.66 and as high as $622.90. On average, 602456 shares of CMG exchange hands on a given day and today's volume is recorded at 341105.
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