{"id":40561,"date":"2014-02-11T00:04:51","date_gmt":"2014-02-11T05:04:51","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=40561"},"modified":"2014-02-10T22:26:58","modified_gmt":"2014-02-11T03:26:58","slug":"activist-hedge-fund-to-claw-back-its-breadsticks","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/02\/2014\/activist-hedge-fund-to-claw-back-its-breadsticks.html","title":{"rendered":"Activist Hedge Fund To Claw Back Its Breadsticks"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2014\/02\/download-11.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-40562\" alt=\"download (1)\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2014\/02\/download-11.jpg\" width=\"261\" height=\"193\" \/><\/a>New York (HedgeCo.Net) &#8211; One of the largest shareholders of Darden Restaurants,\u00a0Starboard Value LP,\u00a0has joined another activist investor, New York-based hedge fund Barington Capital Group LP, who\u00a0said it is &#8220;evaluating all options&#8221; to provide a way &#8220;for shareholders to have their voices heard&#8221; on a plan to spin off Red Lobster.<\/p>\n<p>Darden said on last week that it would sell or spin off its Red Lobster chain, which along with Olive Garden has been a drag on profits.<\/p>\n<p>&#8220;While we are pleased that you recognize that Red Lobster could perform better with increased management focus, we do not believe the currently proposed plan to spin-off or sell Red Lobster, by itself, is in the best interest of shareholders.&#8221; The activist investors said in a letter to shareholders. &#8220;We believe the Company should more fully evaluate all available operational, financial, and strategic alternatives for Darden in order to create and execution a comprehensive plan to address all aspects of the business and to ensure the best possible outcome for all shareholders. This evaluation should include consultation with the Company\u2019s financial advisers and discussions with shareholders such as Starboard.&#8221;<\/p>\n<p>The hedge fund group goes on to say that the &#8220;Company (has an) extended record of disappointing operating performance, poor capital allocation,and missed expectations. Most notably, when adjusted for Darden\u2019s extensive real estate ownership, the Company\u2019s operating margins are well below peers.&#8221;<\/p>\n<p>Alex Akesson<br \/>\nEditor for\u00a0<a title=\"hedge funds\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.net<\/a><br \/>\n<a href=\"mailto:alex@hedgeco.net\">alex@hedgeco.net<\/a><br \/>\n<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.Net<\/a>\u00a0is a premier\u00a0<a title=\"hedge fund database\" href=\"http:\/\/www.hedgeco.net\/\">hedge fund database<\/a>\u00a0and community for qualified and accredited investors only. Membership in\u00a0<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">HedgeCo.net<\/a>\u00a0is FREE and EASY. We also offer FREE LISTINGS for\u00a0<a title=\"hedge fund\" href=\"http:\/\/www.hedgeco.net\/\">Hedge Funds<\/a>!<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.Net) &#8211; One of the largest shareholders of Darden Restaurants,\u00a0Starboard Value LP,\u00a0has joined another activist investor, New York-based hedge fund Barington Capital Group LP, who\u00a0said it is &#8220;evaluating all options&#8221; to provide a way &#8220;for shareholders to have [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16005,16042,16044,3],"tags":[],"class_list":["post-40561","post","type-post","status-publish","format-standard","hentry","category-developing-stories","category-hedge-fund-performance-2","category-hedge-fund-strategies-2","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/40561","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=40561"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/40561\/revisions"}],"predecessor-version":[{"id":40564,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/40561\/revisions\/40564"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=40561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=40561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=40561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}