Activist investor Starboard Value LP continued to pile pressure on Darden Restaurants Inc, suggesting an action plan to boost the Olive Garden owner's value, the Wall Street Journal reported. Starboard on Thursday suggested moves such as improving Olive Garden's food quality and alcohol sales, introducing technology to reduce waiting period at restaurants and other cost-cut measures in an operation plan running into 300 slides, the Journal reported. (on.wsj.com/1uypjru)The hedge fund said these suggestions could boost Darden's shares 78 percent from its Thursday close of $48.29 on the New York Stock Exchange, according to the report.Darden said it would review Starboard's plan, but added that it was already implementing many of the suggestions and they were showing results."We remain open minded toward all ideas that support long-term value creation for our shareholders," said Darden's Chief Operating Officer Gene Lee.
Darden Restaurants, Inc. is full service restaurant company. Shares of DRI traded higher by 1.09% or $0.52/share to $48.29. In the past year, the shares have traded as low as $43.56 and as high as $54.89. On average, 1687480 shares of DRI exchange hands on a given day and today's volume is recorded at 1899246.
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