Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, September 25, 2014

Glass Lewis, ISS back Starboard in Darden board battle, (NYSE: DRI)

Advisory firms Glass Lewis and Institutional Shareholder Services (ISS) each have recommended that Darden Restaurants Inc investors back Starboard Value LP's 12-director slate, which would oust the embattled company's full board.Smaller firm Egan-Jones Proxy Services recommended voting for the eight director nominees put up by Darden, which is leaving spots open for Starboard candidates.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.Starboard, one of Darden's largest investors with an 8.8 percent stake, two weeks ago unveiled a proposal that included plans to sell Darden's real estate, franchise its restaurants, spin off The Capital Grille, Yard House and other chains and fix its flagship Olive Garden chain.

Darden Restaurants, Inc. is full service restaurant company. Shares of DRI fell by 0.87% or $-0.45/share to $51.28. In the past year, the shares have traded as low as $43.56 and as high as $54.89. On average, 1781410 shares of DRI exchange hands on a given day and today's volume is recorded at 1229741.