12.09.2014 12:17:09

Starboard Value LP Publishes Its Transformation Plan For Darden - Quick Facts

(RTTNews) - Starboard Value LP, one of the largest shareholders of Darden Restaurants Inc. (DRI), with beneficial ownership of approximately 8.8% of the outstanding common stock of the company, published its detailed Transformation Plan for Darden. Starboard said it has identified specific opportunities to increased annual EBITDA by $215-$326 million, and believes that these quantifiable EBITDA improvements alone will create approximately $15-$26 per share in value.

Starboard's Transformation Plan includes: company-wide operational improvements; a turnaround plan for Olive Garden; a value enhancing strategy for Darden's real estate assets; a separation of Darden's restaurant concepts into the most logical groupings; and a franchising program designed to accelerate growth and improve returns on capital. Starboard believes that these improvements, together with a separation of Darden's brands and real estate, can increased Darden's stock price to $67-$86 per share, even before implementing the Olive Garden turnaround pland or fanchising initiatives.

Starboard Value LP also urged shareholders to vote for its full slate of twelve director candidates for election to the company's Board. Starboard believes the Darden's proposed Board is suboptimal, potentially dysfunctional, and not the right answer for shareholders.

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