Wachtell At Risk Of Big Defeat In Bitter Darden Proxy Fight
Law360, New York (October 9, 2014, 2:00 PM EDT) -- UPDATE: Darden shareholders voted to replace the company's entire board with Starboard's proposed slate.
Wachtell Lipton Rosen & Katz has made a name for itself by mowing down shareholder activists but one of its highest-profile clients this proxy season, Darden Restaurants Inc., appears headed for defeat when investors vote Friday on a complete board overhaul proposed by activist Starboard Value LP.
As the vote nears, some analysts have predicted victory for Starboard, a hedge fund that bought into Florida-based Darden a year ago and has since swelled into the company's bitter rival. After months of wrangling and escalating tensions, the activist...
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