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Tuesday, September 30, 2014

Egan-Jones sides with Darden in Starboard proxy fight, (NYSE: DRI)

Advisory firm Egan-Jones Proxy Services on Tuesday recommended that Darden Restaurants Inc shareholders vote for the company's slate of board nominees at its annual meeting next week. Larger firms Glass, Lewis & Co and Institutional Shareholder Services (ISS) on Thursday recommended that Darden investors back activist Starboard Value LP's 12-director slate, which would oust the embattled company's full board.That same day Egan-Jones temporarily withdrew its recommendation that shareholders vote for the eight director nominees put up by Darden, which is leaving spots open for Starboard candidates.Egan-Jones re-released the information after responding to a request to review a potential material error.Darden, best known for its Italian-themed Olive Garden chain, repeatedly has said a complete turnover of the board is risky and would hand too much control of the company to Starboard.

Darden Restaurants, Inc. is full service restaurant company. Shares of DRI fell by 1.12% or $-0.58/share to $51.42. In the past year, the shares have traded as low as $43.56 and as high as $54.89. On average, 1755020 shares of DRI exchange hands on a given day and today's volume is recorded at 784829.