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Orlando-based restaurateur Darden Restaurants Inc. (DRI) is adverse agitation apropos the aftereffect of one of its restaurant concepts, Red Lobster. A above actor of Darden, Starboard Amount LP, believes the aftereffect is not in the best absorption of the shareholders.

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In Oct 2013, barrier fund, Barington Capital Group LP, acquired 2.8% pale in Darden. Soon afterwards the acquisition, Barington Capital proposed a alienation of the aggregation amidst growing apropos about Darden’s performance. In Dec 2013, beneath burden of Barington Capital Darden appear a absolute plan to abstracted (through aftereffect or sale) its amount brand, Red Lobster, in adjustment to enhance actor amount and advantage the allowances of the company’s position.

Starboard Amount LP filed a Preliminary Solicitation Statement with the Securities and Exchange Commission to align a appropriate affair for Darden shareholders to accurate their angle on the Red Lobster divesture. However, this is actuality beheld as an accomplishment by Starboard Amount to append the spin-off.

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However, Starboard Value, which own 5.5% pale in Darden believes the closing should seek shareholders’ opinions apropos the spin-off.

The advance adviser in a accessible letter to Darden Shareholders declared that it is afraid that the aggregation will complete the aftereffect afore the 2014 Annual Affair after demography advancement from shareholders. Starboard Amount believes the break will not advice Darden to balance its business and advance amount structure. The aftereffect will, however, decidedly aching Darden’s actor value.

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However, Starboard Amount will charge to get the abutment from about 50% shareholders to conduct the Appropriate Meeting.

This is not the aboriginal time that the Zacks Rank #4 (Sell) aggregation has witnessed adversity apropos the Red Lobster separation. Last month, Darden was criticized by Barrington Capital for not processing the circuit off effectively.

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Sales at Red Lobster remained beneath burden for best of budgetary 2013 and in the aboriginal bisected of budgetary 2014. The anemic top band achievement accountable the aggregation to booty the accommodation to abstracted the segment. Another brand, Olive Garden, additionally underperformed for the above allotment of budgetary 2013. However, it was up 2.4% year over year during budgetary first-quarter 2014 apprenticed by a set of initiatives to addition the brand.

Other Stocks to Consider

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Some better-ranked stocks in the restaurant industry accommodate Fiesta Restaurant Group, Inc. (FRGI), Brinker International, Inc. (EAT) and Buffalo Wild Wings Inc. (BWLD). While Fiesta Restaurant sports a Zacks Rank #1 (Strong Buy), Brinker and Buffalo Wild Wings accept a Zacks Rank #2 (Buy).

Read the Full Research Report on DRIRead the Full Research Report on FRGIRead the Full Research Report on BWLDRead the Full Research Report on EAT

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Zacks Advance Research

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