Investor: Darden's Red Lobster spin off plan not enough
Activist investor Barington Capital Group said on Monday it was disappointed with a recent plan by Darden Restaurants Inc (DRI.N) to spin off its Red Lobster chain to enhance shareholder value.
Barington, which leads a shareholders’ group that owns a stake of more than 2 percent in the chain, said in a statement it views Darden’s plan “as incomplete and inadequate.”
“Darden's board of directors and management team are focused on creating value for all Darden shareholders,” a spokesman said in a statement. "We are confident that our plan, together with actions we are taking to enhance guest experiences and reinvigorate demand, will lead to improved performance in our restaurants and substantially increase value for all Darden shareholders.”