Tuesday, 31 March 2015
Last updated 3 hours ago
Aug 12 2014 | 6:47am ET
If Darden Restaurant’s board of directors hoped that its sale of Red Lobster would pay immediate dividends and convince investors not to throw them out next month, it is likely to be disappointed.
The company, which is engaged in a bruising proxy battle with hedge funds Starboard Value and Barington Capital Group, announced predicted first-quarter earnings that missed Wall Street estimates. Analysts had expected 47 cents per share; Darden says it will be between 28 cents and 30 cents.
Darden last month sold Red Lobster to private-equity firm Golden Gate Capital, over the bitter protests of the hedge funds, which say the deal destroyed at least $1 billion in shareholder value. The sale occurred in spite of apparently strong opposition from rank-and-file shareholders, who appeared prepared to back a special meeting to vote on the deal.
Starboard and Barington are seeking the replacement of Darden’s entire board at next month’s annual meeting. Analysts expect that the hedge funds’ slate will be victorious.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…