Is breaking up retail conglomerates about to become a trend? Last week, Gap(GPS) announced the planned spinoff of its Old Navy brand. Now, Barington Capital is urging L Brands(LB), parent of Victoria’s Secret and Bath & Body Works, to spinoff one of the two brands. Barington has a history of activism and last appeared in these pages when… Read More »
Immediately after closing the sale of Red Lobster to Golden Gate Capital, Darden (DRI) began begging for forgiveness from its spurned activist shareholders. CEO Clarence Otis got sacrificed at the altar resigned and the company announced that it would let Starboard nominate three members to its board who would run unopposed. Starboard was not satisfied with this offer though and… Read More »
What to do when a majority of your shareholders support calling a special meeting before you divest an important asset? Go ahead, ignore them, and do what you want, says Darden(DRI). With the $2.1 billion sale of Red Lobster a fait accompli, despite strong opposition from holders, Starboard Value has stepped on the gas in its attack. While… Read More »