Red Lobster's Sale Embroils Its Parent in a Fight

Photograph by Richard Levine/Corbis

Peeved over the pending sale of Red Lobster, an investment firm wants to replace Darden Restaurants’ board of directors. Starboard Value, an activist hedge fund in New York, contends that Darden has “essentially given away” the seafood chain in its recent $2.1 billion agreement to sell it to Golden Gate Capital, a private equity firm in San Francisco.

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