Back Off, Hedge Fund: Olive Garden Says It Doesn't Need AdviceBy
It took four days for Darden Restaurants to reply to a sweeping condemnation of just about every facet of its flagship Olive Garden chain by the major shareholders at an activist hedge fund. But perhaps the delay is understandable: Starboard Value’s revival plan (pdf), which concerned itself with breadstick waste and unsalted pasta, weighed in at nearly 300 pages. Darden’s reply (pdf), at just 24 pages, argues that the fixes to the Olive Garden’s woes are already under way.
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