Darden Restaurants inked a $2.1 billion deal on Friday to unload its struggling Red Lobster business to Golden Gate Capital.
Golden Gate may be able to inject some new life into Red Lobster, but the deal is likely to rile up Darden investors. Shares fell nearly 3% in early trading.
Earlier this week, activist investor Starboard said it "condemns" Darden for apparently trying to "rush an irreversible and potentially value-destructive Red Lobster sale" without shareholder approval. Starboard owns 5.5% of Darden, recently warned a sale of Red Lobster could destroy up to $800 million of shareholder value.
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