In trying to save Darden, Its board sealed its own demise
SEAFOODNEWS.COM [New York Times] By Stephen Davidoff Solomon - October 1, 2014 -
Gestures of futile nobility seem mostly confined to the movies these days. And yet the directors of Darden Restaurants, the owner of Olive Garden and other quintessentially American restaurant chains, may have decided that they would rather commit corporate suicide than give in to the demands of two activist shareholders, Starboard Value and the Barington Capital Group. It would be touching if it didn't appear to be so inexplicably foolish.
Absent a last-minute, face-saving compromise, the likelihood of a full-scale ouster raises the glaring question: Why would the board pointlessly and perhaps foolishly invite its own demise?
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