S&P Places Darden (DRI) on CreditWatch 'Developing' Following Plans to Spin Red Lobster Unit
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Darden (DRI) Plans to Divest Red Lobster Unit
December 19, 2013 7:04 AM ESTDarden Restaurants, Inc. (NYSE: DRI) announced today that its Board of Directors has approved a comprehensive plan to enhance shareholder value, address changing industry dynamics in the casual dining sector and leverage the benefits of the Company's position as the premier casual dining restaurant company. The elements of this comprehensive plan include the following:
-- Separate the company's Red Lobster business: Although no final decision has been made on the form of the separation, the Company expects to execute a tax-free spin-off of Red Lobster to its shareholders, but may also... More
