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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2014-03-31 00:00:00",
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  "notes": "Uses AUV data to challenge management's strategic rationale for spinning off Red Lobster instead of SRG.",
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      "kind": "callout",
      "text": "Primary Major Chain Competitors (Sales of $1Billion plus 250 units)",
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      "text": "The first Darden spin-off of restaurant concepts should be SRG, not Red Lobster.",
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      "text": "Creating a new public company with well-performing brands (such as SRG) that don’t require substantial operational changes and that would be highly attractive to investors makes more sense than creating a public company with a single brand in turmoil.",
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      "text": "We do not understand how management can credibly argue Red Lobster’s customer base is so different from Olive Garden’s that it needs to be its own company, while Olive Garden is close enough to SRG that it should not be spun off.",
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      "text": "Average Unit Volume (AUV): $4.6",
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      "text": "Based on the Average Unit Volume (AUV) of each concept, Olive Garden and LongHorn are much closer to Red Lobster than they are to SRG.",
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      "text": "Management has misled shareholders regarding customer demographics at Red Lobster and Olive Garden (cont'd)",
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