A petition started by an Olive Garden employee to force Darden and Starboard Value to listen to workers’ concerns over layoffs and wages has gathered nearly 7,000 signatures.
Starboard Value’s meticulously detailed takedown of Olive Garden, which claims the restaurants gives away too many free breadsticks, overuses salad dressing, and doesn’t salt the water before cooking its pasta, made it to Last Week Tonight With John Oliver.
Four days after an activist hedge fund released an eviscerating analysis on the state of Olive Garden restaurants, claiming it was giving away too many breadsticks and doesn’t salt the water before cooking its pasta, among other things, parent company Darden responds.
Boatloads of breadsticks, too much salad dressing, false wait times, excessively long asparagus, and other grievances of an activist hedge fund gunning for change at the pasta powerhouse.
The struggling car and equipment rental giant ceded three seats to the hedge fund titan just three days after its CEO stepped down.
A second activist hedge fund has bought up a large stake in the struggling language-learning company. Here’s why the two activists say change is needed — and fast.
The car and equipment rental giant had faced pressure from a number of large activist investors to change its management in recent months.
Eminence Capital is known for buying stakes in companies with the intent of forcing a deal or change of control. But Zynga’s stock ownership structure makes the success of such a play unlikely. So what is Eminence up to?
The parent company of Olive Garden, Longhorn Steakhouse and other fast casual dining chains delayed its annual shareholder meeting amid allegations it was giving different information out to different classes of investors regarding the sale of Red Lobster. Activist investor Starboard Capital isn’t happy with the move.
Bill Ackman likes to position himself as making investments that are “good for America,” and while he admits that some of his 30 activist campaigns have cost jobs, he believes he is ultimately a job creator.
Osmium Partners, which just unseated the CEO and took control of the board of Spark Networks, the parent company of JDate.com and ChristianMingle.com, now holds a 10% stake in Rosetta Stone.
Hedge fund Jana Partners, which has been pushing for a sale of the pet supply company citing poor financial performance in the last year, received anonymous documents that appear to have persuaded PetSmart into considering a deal. Competitor Petco or a private equity firm is looking to bid on the company.
Spark Networks announced today its president and CEO Greg Liberman would step down after 10 years with the online dating company. The move comes one month after a hedge fund took control of the company.
A new database has tracked the biggest winners and losers in activist short-selling. Pershing Square’s Bill Ackman, despite Herbalife, is one of the best; David Einhorn of Greenlight Capital, isn’t.
The hedge fund titan’s Pershing Square Capital is set to conduct an IPO later this year, but industry insiders are worried Ackman is sabotaging its potential success with his increasingly bizarre public behavior.
Darden Restaurants announced late Monday that CEO Clarence Otis will be stepping down after 10 years with the fast casual dining giant. His departure follows the company’s sale of Red Lobster to private equity firm Golden Gate Capital.
Engaged Capital has taken a 7% stake in Jamba Juice, which it believes is struggling to quell money losses from investments in “non-core” products, a tepid international response, and a failing New York City strategy.
Osmium Partners has successfully removed four members of the Spark Networks board after a contentious battle.
The parent company of Olive Garden and Red Lobster missed analyst earnings estimates for the fourth quarter. Executives, who are facing shareholder opposition to the $2.1 billion sale of Red Lobster, called fiscal 2014 “a year of transformation.”
Spark Networks, owner of JDate, Christian Mingle, and other dating websites, is facing a fierce activist campaign by the hedge fund Osmium Partners, which is looking to unseat the board and force a sale of the troubled company.
Darden says its sale last month of the seafood restaurant chain for $2.1 billion was full and fair. Activist investors say it was a scorched earth tactic meant to save the jobs of executives. A showdown is set for the company’s annual meeting later this year.
Nelson Peltz’s giant hedge fund is currently holding a position that makes up 11% of the entire $5.8 billion fund’s portfolio, but has not had to reveal what the name of the stock is, even after the quarter’s filing deadline has passed. This isn’t the first time the SEC has allowed the fund, as well as other large managers, to withhold a major filing, and some smaller activist hedge funds are questioning the fairness of the practice.
Barington Capital announced its support of a shareholder vote to kill the “fire sale” of Red Lobster to the private equity firm Golden Gate Capital. “Blatant disregard for shareholder interest.”
Engaged Capital is betting that Medifast is the anti-Herbalife.
Shareholder rights plans, commonly called “poison pills” because they limit the amount of stock an investor is able to acquire, are increasingly being used by companies against activist investors. But hedge fund manager Dan Loeb is mounting a court challenge to its relevancy in his battle against auction house Sotheby’s.
As interest in sitting on a corporate board builds along with activist investing, it’s becoming increasingly important that companies select the best directors. Industry experts discussed what makes the best candidates at an IPO preparedness event today at the New York Stock Exchange.
Sometimes the billionaire activist pushed for a change that didn’t come, and companies fared better than if they’d heeded his advice, data shows. Most times, Carl Icahn made a lot of money.
The company is imploring shareholders to vote against Icahn’s proposal to spin-off PayPal and appoint two board members at its upcoming annual meeting, and calling out Icahn’s personal attacks and the credentials of his proposed board members. This is just the latest in a heated battle that’s taken shape in the last three months.
The company said in an earnings call Friday morning that the quarter was “challenging,” especially at Red Lobster, which the company is trying to spin off. Darden’s CEO also urged shareholders to communicate with the company instead of holding a special vote on the spin-off or sale that an activist hedge fund has been fighting for in recent months.
Darden Restaurants reports earnings tomorrow, and another weak report could be enough to move shareholders to side with an activist hedge fund that is trying to stop the company from spinning off its chain of Red Lobster restaurants.