Barington Withdraws Shareholder Proposal At Darden

(RTTNews) - Barington Companies Equity Partners, L.P., a long-term investor in Darden Restaurants, Inc. (DRI), said that it is withdrawing its proposal that the Darden Board adopt a policy that its Chairman be an independent director after the Company adopted Barington's recommendations last week. Barington sent a letter to the Corporate Secretary of Darden.

Barington's letter stated that while Barington appreciates that the Board has finally agreed to adopt this policy, it believes that it will have little impact if a majority of Darden's incumbent directors are reelected at the 2014 Annual Meeting of Shareholders.

Barington is convinced that the only effective means to improve shareholder value and protect shareholder interests at Darden is through the election of the slate of independent directors nominated by Starboard Value.