Activist investor Starboard Value LP accused Darden Restaurants Inc of trying to disenfranchise shareholders by delaying holding a special meeting to vote on a proposal to halt plans to spin off or sell its struggling Red Lobster seafood chain. Starboard, which owns 5.5 percent of Darden, has said it does not think the time is right for a sale, which it believes could destroy up to $800 million of shareholder value.The New York-based investor said last month that it had received and passed on to Darden written requests representing about 55.5 percent of Darden outstanding shares asking for a special meeting to vote on Starboard's proposal.Starboard said its impression that Darden was trying to delay holding a meeting followed comments it said were made by Darden's vice president of investor relations, Matthew Stroud.Stroud, Starboard said, had told a group of investors last week that the company was on a timetable to complete a sale or spinoff of Red Lobster in June or July.
Darden Restaurants, Inc. is a full service restaurant company. Shares of DRI fell by 0.68% or $-0.345/share to $50.52. In the past year, the shares have traded as low as $44.78 and as high as $55.25. On average, 1382550 shares of DRI exchange hands on a given day and today's volume is recorded at 130663.
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