Starboard Wins All 12 Darden Board Seats In Proxy Fight

Law360, New York (October 10, 2014, 10:20 AM EDT) -- Shareholders in Darden Restaurants Inc. voted Friday to wipe out all 12 of the company's current directors in favor of a fresh slate handpicked by Starboard Value LP, cementing the activist fund's landmark victory in one of the most contentious proxy fights of the year.

By throwing their weight behind Starboard, shareholders in Florida-based Darden cemented one of the most distinct activist wins in recent years. A wholesale board overhaul is a rare turn as a wider field of activists increasingly seeks out or settles for minority representation — a proposition Starboard shot down several times.

Starboard's victory matched expectations as...

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