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Darden Restaurants Inc (DRI): Chairman Jeffrey Smith Continues to Trim Stake

Jeffrey Smith‘s Starboard Value continues to trim its position in Darden Restaurants, Inc. (NYSE:DRI), with a new 13D filing showcasing a multitude of sales transactions made by the fund over the past two weeks. In total, Starboard Value owns 7.97 million shares of the company that Mr. Smith is now the Chairman of, after successfully ousting the entire Board of Darden in a proxy fight in 2014. Starboard has trimmed its stake multiple times in 2016, according to previous 13D filings, with the latest sale accounting for about 1.34 million shares since a 13D filing released on February 5. Starboard Value owned 11.64 million shares of Darden Restaurants at the end of 2015, with the position accounting for nearly 20% of its public equity portfolio. As such, the latest sales are likely being affected in the name of portfolio rebalancing, with a little profit taking sprinkled in. Shares of Darden are up by about 21% since the end of 2013, shortly after Mr. Smith took a position in the company.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
STARBOARD VALUE 7,965,000 7,965,000 7,965,000 7,965,000 7,965,000 6.2%
STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD 1,735,918 7,965,000 1,735,918 7,965,000 1,735,918 1.4%
STARBOARD VALUE AND OPPORTUNITY S 397,097 7,965,000 397,097 7,965,000 397,097 Less than 1%
STARBOARD VALUE AND OPPORTUNITY C 217,662 217,662 217,662 Less than 1%
STARBOARD VALUE R 217,662 217,662 217,662 Less than 1%
STARBOARD VALUE R GP 217,662 217,662 217,662 Less than 1%
STARBOARD LEADERS DELTA 2,366,584 2,366,584 2,366,584 1.8%
STARBOARD LEADERS FUND 2,366,584 2,366,584 2,366,584 1.8%
STARBOARD VALUE A 2,366,584 2,366,584 2,366,584 1.8%
STARBOARD VALUE A GP 2,366,584 2,366,584 2,366,584 1.8%
STARBOARD VALUE GP 7,965,000 7,965,000 7,965,000 6.2%
STARBOARD PRINCIPAL CO 7,965,000 7,965,000 7,965,000 6.2%
STARBOARD PRINCIPAL CO GP 7,965,000 7,965,000 7,965,000 6.2%
JEFFREY C. SMITH 6,320 6,320 7,965,000 6.2%
MARK R. MITCHELL 7,965,000 6.2%
PETER A. FELD 7,971,320 6.2%
Jeffrey Smith
Jeffrey Smith
Starboard Value LP

Page 1 of 27 SEC Filing

Washington, D.C. 20549
(Rule 13d-101)
§ 240.13d-2(a)
(Amendment No. 18)1
Darden Restaurants, Inc.
(Name of Issuer)
Common Stock, no par value per share
(Title of Class of Securities)
(CUSIP Number)
777 Third Avenue, 18th Floor
New York, New York 10017
(212) 845-7977

Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)
March 3, 2016
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.
1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
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