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Thursday, September 25, 2014

Glass Lewis recommends shareholder vote for Starboard board slate, (NYSE: DRI)

Shareholder advisory firm Glass Lewis has recommended that Darden Restaurants Inc shareholders vote for the board slate proposed by activist investor Starboard Value LP, which seeks to replace all 12 of the company's directors. Darden, best known for its Italian-themed Olive Garden chain, in a statement on Thursday reiterated its view that 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.Shares in Darden were down 0.7 percent to $51.37 in midday trading on Thursday.

Darden Restaurants, Inc. is full service restaurant company. Shares of DRI fell by 0.93% or $-0.48/share to $51.25. 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 741572.