{
  "docId": "019dd923-622b-71dc-a6d9-b7733990b4fe",
  "docSlug": "9c639b8b1898",
  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-03-31 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 24,
  "pageCount": 108,
  "prevPage": 23,
  "nextPage": 25,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "Includes a screenshot of a tweet from Howard Penney as evidence of management shutting out analysts.",
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  "slideHref": "/slides/019dd923-622b-71dc-a6d9-b7733990b4fe/24",
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      "kind": "callout",
      "text": "Since it appears the Company has little interest in letting shareholders have their say regarding the Red Lobster Separation, the Special Meeting will provide an alternative forum for shareholders to show the Board that Darden's shareholders will not stand to be silenced on this critical issue.",
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      "kind": "image",
      "text": "Tweet from Howard Penney: $DRI management shuts me out of another earnings call.. Running out of time is not an excuse.",
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      "text": "On March 3rd, during Darden's call to explain the Company's rationale for the Red Lobster spin, management took questions from just four analysts and declined to provide details on several important questions.\nDarden canceled its analyst and investor meeting, scheduled for March 28, 2014, only to hold a private lunch for sell-side research analysts.\nOn March 21, 2014, management shortened the Q3 2014 earnings call to 45 minutes and shut out critical analysts from asking questions.",
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      "kind": "list",
      "text": "We believe Darden has avoided addressing shareholder concerns to-date regarding the Red Lobster Separation.",
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      "kind": "paragraph",
      "text": "We are troubled by the Company's continued attempts to avoid open discussion on the most important and difficult issues facing the Company.",
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      "kind": "quote",
      "text": "$DRI management shuts me out of another earnings call.. Running out of time is not an excuse. @jannarone article on #CNBC was $$$ — Howard Penney @HedgeyeHWP",
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      "text": "Darden has shown a blatant disregard for shareholder concerns and a propensity to silence critics",
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      "kind": "title",
      "text": "Recent tactics:",
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      "evidence": "The document highlights contradictions in management's rationale for the separation, including timing and valuation concerns.",
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