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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": 63,
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  "nDataPoints": 18,
  "notes": "The slide uses a valuation table to quantify potential value destruction.",
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      "text": "Given what we believe to be management and the Board's history of questionable decision making, how can shareholders trust the Company to rush this critical decision when management repeatedly refuses to share one of the most important assumption affecting the value that shareholders should expect to receive in a Red Lobster spin-off?",
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      "kind": "list",
      "text": "If, on the other hand, management is assuming that New Red Lobster will trade on par with Darden's current multiple, we question how management can support this assumption.",
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      "text": "If management is assuming that New Red Lobster will trade at 6-7x EBITDA, we believe more than $800 million in shareholder value could be destroyed, as shown in the Valuation concerns section on slide 47.",
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      "text": "Value Destruction: $819 million",
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      "text": "We believe, and sell-side analysts seem to agree, that a standalone Red Lobster, if spun off in its current state, would trade at a very low multiple, and therefore following a spin-off, the sum of New Darden and New Red Lobster's stock prices would likely be less than Darden's current price.",
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      "text": "Potential Value Destruction in a Red Lobster Spin-off table",
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      "text": "Management refuses to share key supporting assumptions to demonstrate how the Red Lobster Separation will create value (cont'd)",
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