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Tuesday, September 2, 2014

Darden board nominees cede more ground to activist investor Starboard, (NYSE: DRI)

Olive Garden owner Darden Restaurants Inc , in a concession to one of its largest shareholders, Starboard Value LP, on Tuesday announced a revised slate of director nominees that includes four new candidates, four incumbents and four open spots for Starboard picks.Analysts were divided on whether the move would satisfy Starboard, an activist investor which for months has lobbied for major change at the underperforming company, and prevent it from seizing control of the entire 12-member board.Orlando-based Darden earlier this summer nominated nine incumbent directors and left three spots open for Starboard candidates.Charles Ledsinger Jr., Darden's non-executive chairman, said in a statement that the revised slate provides investors with both fresh perspectives and continuity.

Darden Restaurants, Inc. is full service restaurant company. Shares of DRI traded higher by 0.91% or $0.43/share to $47.75. In the past year, the shares have traded as low as $43.56 and as high as $54.89. On average, 1585420 shares of DRI exchange hands on a given day and today's volume is recorded at 1925879.