NeuStar (NSR) agreed to be acquired by a group led by private equity firm Golden Gate Capital in a deal valued at about $2.9b. The deal was announced in mid-December and the $33.50 offer price represented a nice premium. Of course, the sale also means that Neustar’s previously announced Order Management and Numbering Services spinoff is off the table.… 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 »
While the Olive Garden famously stuffs its patrons with a never ending pasta bowl, its parent company, Darden Restaurants (DRI), is providing investors some never ending drama. Ever since announcing plans to spin off the declining Red Lobster, Darden has been besieged by not one, but two different activist investors. As we noted earlier, Barrington Capital is pushing… Read More »