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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-03-31 00:00:00",
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  "pageNumber": 38,
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  "notes": "This is a classic activist investor 'villain' narrative, framing management's actions as self-serving and negligent.",
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      "kind": "callout",
      "text": "Is this really a sign that Darden is looking out for the best interest of its shareholders?",
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      "text": "Same-store-sales and traffic have declined substantially.\nSG&A has continued to rise despite revenue declines.\nEBITDA margins have declined substantially and remain materially below peer averages.\nIf management were truly interested in realizing maximum value for Red Lobster, we would expect management to address some of Red Lobster’s operational headwinds before exploring a separation.",
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      "text": "Instead, Darden appears to be in a rush to separate the business as fast as possible.",
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      "kind": "paragraph",
      "text": "While New Darden management may not have to own the Red Lobster “problem” once its separated, current Darden shareholders would still own Red Lobster in the form of New Red Lobster stock.",
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      "kind": "paragraph",
      "text": "Red Lobster’s business has deteriorated and it is in desperate need of operational improvements and brand repositioning.",
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      "text": "Rather than instituting a comprehensive turnaround plan for Red Lobster, the Company appears to be tossing it aside",
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