Wells Fargo Comments on Darden's (DRI) Sale of Red Lobster
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S&P Keeys Darden Restaurants (DRI) on CreditWatch Developing
May 16, 2014 10:47 AM EDTStandard & Poor's Ratings Services said its ratings on Darden Restaurants Inc. (NYSE: DRI), including the 'BBB-' corporate credit rating, remain on CreditWatch with developing implications, where we placed them on Dec. 19, 2013.
We placed ratings on CreditWatch following Darden's announcement in December 2013... 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
