date:May 23, 2014
00 million from the sale of the Red Lobster business after taking into account $1.5 billion it believed could have been realized from the tax-efficient sale of real estate.
Starboard said that on this basis, the sale of the operating business was done at multiple of less than 1-time earnings before interest, tax depreciation and amortization.
The fact that the company would refer to this deal as being done at 9x EBITDA demonstrates management and the board's fundamental lack of understanding o