Barington Group Announces
Release Of Detailed Plan To Improve Long-Term Shareholder Value At Darden
Release Follows a Month-Long
Independent Review by Houlihan Lokey
Plan Demonstrates Value Creation Opportunities at Darden of up to $80 per
NEW YORK, Dec. 17, 2013
/PRNewswire/ -- Barington Capital Group, L.P., which represents a group of
shareholders that owns over 2% of the outstanding common stock of Darden
Restaurants, Inc. (NYSE:
DRI), today released a detailed presentation setting forth Barington's
recommendations to improve long-term shareholder value at Darden. The
release of the report follows a month-long independent review of
Barington's recommendations by
Houlihan Lokey, financial advisor to
the Barington Group.
The report states
that if Barington's recommendations were fully implemented, Darden's
common stock would be valued between $71 and $80
per share. This is higher than Barington's earlier estimate of
$69 - $76 per share. The report can be
found on Barington's website at
http://www.barington.com/press-releases.html. Barington intends to
promptly share its recommendations with
Clarence Otis, the Chairman of the
Board and Chief Executive Officer of Darden. Barington will also conduct
a webinar to review the presentation with interested parties in
James A. Mitarotonda, the Chairman and
Chief Executive Officer of Barington Capital Group, L.P., stated: "We are
pleased with the results of
Houlihan Lokey's independent analysis
of our recommendations. Their work not only confirms the opportunities we
identified to improve long-term shareholder value at Darden, it also adds
practical strategies to execute our recommendations and mitigate
Lokey's work reinforces our confidence that Darden has the
potential to deliver significantly stronger returns for shareholders. We
look forward to sharing our updated presentation with the Company and
remain committed to helping improving long-term value for the benefit of
all Darden shareholders."
Capital Group, L.P.
Group, L.P. is an investment firm that, through its affiliates, manages a
value-oriented, activist investment fund that was established by
James A. Mitarotonda in January 2000.
The Fund invests in undervalued publicly traded companies that Barington
believes could appreciate significantly in value as a result of a change
in corporate strategy or from various operational, financial or corporate
governance improvements. Barington's investment team, senior advisors and
industry contacts are seasoned operating specialists, experienced in
working with companies to design and implement initiatives to improve
their financial and share price performance. Barington is a frequent
investor in branded consumer focused companies, with prior investments in
companies such as Lone Star Steakhouse, Dillard's, Warnaco, The Jones
Group, Pep Boys,
Steven Madden and Nautica.
SOURCE Barington Capital Group, L.P.
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