Starboard Looking Prepped To Exit Darden After Successful Activist Campaign

Activist investor Starboard Value LP further reduced its stake in Darden Restaurants, Inc.

to 6.2 percent after successful activist campaign at the restaurant operator led to 35 percent increase in stock price. In January, Starboard cut its stake in the restaurant operator to 8.1 percent from 9.1 percent. It seems that Starboard looks set to exit its entire position in Darden. A regulatory filing on Friday showed Starboard's stake in Darden as 6.2 percent at about 8 million shares, down from its 11.6 million shares in November. In 2014, Starboard's s activist campaign led to the replacement of Darden's entire board after pushing for a number of changes at Darden, and it boosted the share price. Shares of Darden now trade at $65 levels, up from $48 levels in October 2014 when Darden changed its Board.