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Starboard Value LP (together with its
affiliates, "Starboard"), one of the largest shareholders of Darden
Restaurants, Inc. ("Darden" or the "Company")
, with ownership of
approximately 5.5% of the outstanding common stock of the Company, announced
today that it has issued an investor presentation (the "Investor
Presentation") outlining in detail its serious concerns with the proposed
separation of Red Lobster (the "Red Lobster Separation") and why it believes a
special meeting (the "Special Meeting") is critical to provide shareholders
with a forum to express their views and influence the future of Red Lobster
before it is too late. Starboard believes the Red Lobster Separation is the
wrong spin-off, at the wrong time, and for the wrong reasons, and that the
Special Meeting is necessary because Darden appears intent on completing the
Red Lobster Separation prior to the 2014 Annual Meeting of Shareholders, when
all directors are up for election.
The Investor Presentation is available at the SEC's website and can be viewed
by clicking the following link:
http://tinyurl.com/March31-Investor-Presentation
Starboard has also issued a detailed presentation entitled A Primer on
Darden's Real Estate (the "Real Estate Primer") outlining the substantial
value intrinsic to Darden's real estate and a number of highly attractive
alternatives for Darden's real estate assets. Also in the Real Estate Primer,
Starboard refutes management's misleading statements regarding debt breakage
costs, among other things. The Real Estate Primer was developed by
Starboard with assistance from Green Street Advisors, the leading independent
research firm specializing in real estate and REITs.
The Real Estate Primer is available at the SEC's website and can be viewed by
clicking the following link: http://tinyurl.com/Primer-On-Darden-Real-Estate
STARBOARD URGES SHAREHOLDERS TO ACT NOW!
COMPLETE AND RETURN THE WHITE REQUEST CARD TODAY TO ENSURE OUR VOICES ARE
HEARD
If you have any questions or require assistance with your vote, please contact
Okapi Partners LLC toll-free at (877) 869-0171 or email:
info@okapipartners.com.
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