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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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  "notes": "The slide uses a 'break-even' analysis to argue that the remaining Darden entity would need to trade at a higher multiple to offset the discount applied to the spun-off Red Lobster.",
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      "kind": "callout",
      "text": "If New Darden's multiple does not expand following a spin-off, we believe more than $800 million in shareholder value could be lost.",
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      "kind": "callout",
      "text": "Even if New Darden's multiple improves compared to current Darden, it will not outweigh the value destroyed through trapping the Red Lobster real estate.",
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      "text": "Darden currently trades at approximately 9.5x LTM EBITDA; it is likely Red Lobster, as a standalone public company, will trade at a substantial discount to where Darden currently trades.\nFor example, if New Red Lobster traded at 6.5x EBITDA, New Darden would need to trade at approximately 10.4x EBITDA just for shareholders to break even.",
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      "text": "EV / EBITDA: $819 million",
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      "text": "Should New Red Lobster trade substantially below Darden's current multiple, Darden post-separation would need to trade at a significantly higher multiple than where it currently trades just to get the combined stock prices back to Darden's current price.",
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      "text": "Potential Value Destruction in a Red Lobster Spin-off table",
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      "text": "New Red Lobster is likely to trade at a substantial discount to casual dining peers (cont'd)",
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