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Red Lobster sold by Darden for $2.1 billion

Posted By -NO AUTHOR- On 05/16/2014 @ 10:12 pm In Money | No Comments

(BBC) Darden Restaurants has sold its struggling Red Lobster chain of seafood restaurants to private-equity firm Golden Gate Capital for $2.1bn (£1.2bn).

Several activist investors have opposed the move.

They have argued for a larger restructuring of Darden, which also owns the Olive Garden restaurant chain.

Profits at Red Lobster have been hit by rising shrimp prices.

Shares in Darden slumped more than 4% on news of the sale.

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