S&P Keeys Darden Restaurants (DRI) on CreditWatch Developing
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Wells Fargo Comments on Darden's (DRI) Sale of Red Lobster
May 16, 2014 11:50 AM EDTWells Fargo maintained an Outperform rating on Darden Restaurants (NYSE: DRI). Comments follow an announcement it plans to sell Red Lobster to Golden Gate Capital for $2.1 billion. Overall, Analyst Jeff Farmer likes the decision to sell Red Lobster.
"Darden announced the sale of Red Lobster to Golden Gated Capital for $2.1B or 9x TTM EBITDA - roughly in line... More
Following Red Lobster Sale, Darden's (DRI) Next Variable is Olive Garden - RBC
May 16, 2014 10:40 AM EDTRBC Capital affirms its Sector Perform rating and $55 target price on Darden (NYSE: DRI) following news that it... More
Darden (DRI) Will Sell Red Lobster to Golden Gate Capital in $2.1B Deal
May 16, 2014 8:01 AM EDTDarden Restaurants, Inc. (NYSE: DRI) announced that it has entered into a definitive agreement to sell its Red Lobster business and certain other related assets and assumed liabilities to Golden Gate Capital for $2.1 billion in cash.
Darden expects to receive net cash proceeds, after tax and transaction costs, of approximately $1.6 billion, of which approximately $1.0 billion will be used to retire outstanding debt. The remaining net proceeds of approximately $500 million to $600 million will be deployed for a new share repurchase program of up to $700 million in fiscal 2015. In addition to strengthening the Company's... More
