Starboard Throws Angst at Darden/Red Lobster
Let the showdown begin!
Darden Restaurants shareholders were in a bad fight last week when Starboard Value executives were fighting back at Golden Gate Capital's recent acquisition of Red Lobster, a legendary seafood restaurant that has long been Bill Darden's calling card for seafood lovers across America since the late 1960s. To me, Red Lobster's vision of how guests "Sea Food Differently" from a chef's perspective may not be a vague response to Starboard's response from a U.S. commercial real estate investment trust eyeing Red Lobster.
Darden insisted Red Lobster will remain independent of Olive Garden
Red Lobster, whose longtime mascot is a red lobster crab, has long been a leader in preparing high-quality seafood, which also lists shrimp, oysters and scampi on their menu.
Sadly, Golden Gate, which bought out Michael Dell's Dell Inc. via a partnership with MSD Capital, might pull out of bidding for RL this time.
What really happened?
Darden, Golden Gate to decide on the recent bid for Red Lobster
How the battle for Red Lobster began in the past week
...is up to Darden shareholders as they scramble to resolve the Golden Gate takeover of Red Lobster as a hoax. Now, Clearance Otis Jr., chairman and CEO of Darden, must convince all Darden shareholders to reject GGC's hostile bid for RL at a time when rival seafood chain Long John Silver's has cooked up some menu items that have been the cornerstone of the fast-food chain and how seafood is prepared in many foodservice applications.
GGC, according to Darden's Otis Jr., announced that they would buy Darden Restaurants out of Red Lobster - founded in 1967 by Darden himself following many decades of culinary expertise at The Green Frog, of Waycross, Georgia, in the Southern U.S. - in a transaction shareholders believe it was inadequate.
Seafood continues to be an excellent source of...
...Omega 3 fatty acids?
Yes, Red Lobster believes that seafood, such as lobster crab legs, can support a healthy lifestyle - and a healthy heart.
Medical evidence shows that seafood can eventually reduce my chances of cholesterol and heart disease. At Red Lobster, shrimp is high in Omega 3 fatty acids, so that an entire
serving of shrimp prepared by the chefs at RL can provide more nutritious menu delicacies that the Red Lobster guests will continue to order while the chefs prepare seafood the heart-healthy way. Click for the official site http://www.redlobster.com and "sea" food differently.