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Starboard wins backing of 54 pct Darden shareholders for special meeting-CNBC
April 22, 2014 / 4:25 PM / 3 years ago

Starboard wins backing of 54 pct Darden shareholders for special meeting-CNBC

April 22 (Reuters) - Activist investor Starboard Value LP has got consent from 54 percent of Darden Restaurant Inc’s shareholders to hold a special meeting to vote on a proposal to delay the company from spinning off its Red Lobster chain, CNBC reported, citing sources.

Darden has 60 days to call a meeting to consider the non-binding shareholder proposal, according to CNBC’s sources.

“We have not received notice from Starboard,” Darden said in an emailed statement.

Starboard was not immediately available for comment.

Darden’s shares were up 2.5 percent at $49.44 in midday trading on the New York Stock Exchange on Tuesday. (Reporting by Siddharth Cavale in Bangalore; Editing by Savio D‘Souza)

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