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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2014-03-31 00:00:00",
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  "pageNumber": 105,
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  "notes": "The slide explicitly criticizes management's December 2013/March 2014 plan as unacceptable and reactive.",
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      "kind": "callout",
      "text": "INSTEAD, management proposed what appears to be a hurried, reactive attempt, in the face of shareholder pressure, to cast off the weight of the struggling Red Lobster business.",
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      "text": "We think management should first determine the optimal combination of Darden's brands and then develop a comprehensive plan to create value for all shareholders that includes:",
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      "text": "We believe the plan presented by management on December 19, 2013 and reiterated on March 3, 2014 is unacceptable.",
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      "text": "1. Substantial operating improvements (keenly focused on turning around the Red Lobster and Olive Garden concepts and fixing Darden's bloated cost structure).\n2. A logical separation of all brands.\n2. A value enhancing strategy for the Company's real estate.\n3. Value creation and enhanced returns on capital through franchising.",
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      "kind": "paragraph",
      "text": "Management should not rush to close a transaction without first evaluating all available options and strategies to enhance shareholder value to the fullest.",
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      "text": "Please see our accompanying presentation: A Primer on Darden's Real Estate",
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      "text": "We think management should evaluate ALL strategic alternatives",
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