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Drama at Olive Garden: In the Darden battle, Mitarotonda’s hedge fund teamed up with Starboard Value to argue Darden should split its fast-growing restaurants from its more mature brands. Instead of listening to the activists, Otis drew their ire by selling off only one struggling brand — Red Lobster — for $2.1 billion.
Starboard took Darden to task over its food, going so far as to complain that Olive Garden fails to salt the water used to cook pasta.
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“There’s been a much deeper appreciation for and much more embracing of activist investors — and rightfully so,” said Mitarotonda.
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