Olive Garden Parent Darden Restaurants Faces Shareholder Showdown The battle with activist investor Starboard Value LC will come to a boil at the company's annual meeting on Friday, where Darden is expected to at minimum lose control of its board.
By Reuters
This story originally appeared on Reuters
The showdown between Darden Restaurants Inc and activist investor Starboard Value LC will come to a boil at the company's annual meeting on Friday, where the Olive Garden parent is expected to at minimum lose control of its board.
Starboard is seeking a full board turnover. A win would be a feather in the cap for the activist investor and a stinging defeat for Darden, which earlier this year alienated many investors after brushing off their vote requesting a special meeting on a $2.1 billion sale of Red Lobster.
Large advisory firms Institutional Shareholder Services and Glass, Lewis & Co recommended in late September that Darden investors cast their votes for all 12 of Starboard's director nominees.
(Reporting by Lisa Baertlein in Los Angeles; Editing by Lisa Shumaker)
