New York-based hedge fund Barington Capital Group LP on Tuesday released its detailed plan for improving the parent company of Olive Garden and Red Lobster restaurant chains. Barington is pushing for change in Darden Restaurants Inc.

According to Reuters, Barington recommends that Darden split into two companies. One company to manage Olive Garden and Red Lobster and the other for its higher-growth brands. The said brands include LongHorn Steakhouse, Capital Grille, Yard House and Bahama Breeze. 

Barington in its report said that Darden might be worth $71 to $81 per share. That would be as much as 73% more than its closing price on October 8, before Barington's stake was made public. Barington represents a shareholder group that owns a stake of over 2% in Darden, the report said.

The activist investor also recommends that Darden explore creating a publicly traded real estate investment trust, Reuters wrote.

Darden manages eight restaurant brands. Barington earlier said that the Orlando-based restaurant operator has become too large and complex to compete effectively with its rivals, the report said.