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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 analyst quotes and specific transaction multiples to frame management's track record as value-destructive.",
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      "kind": "callout",
      "text": "Acquired Yard House for 2.2x 2011 sales and sold Smokey Bones for 0.4x of FY 2007 sales. Now management is looking to jettison Red Lobster.",
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      "text": "Yard House acquisition: Acquired for $585 million on 7/12/2012; Paid more than 20x EBITDA",
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      "text": "Smokey Bones sale: Sold for $80 million; Invested over $400 million; Closed 50 stores",
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      "kind": "paragraph",
      "text": "Darden has a history of acquiring brands at inflated prices and disposing of brands at severely discounted prices.",
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      "kind": "quote",
      "text": "...sell its struggling Smokey Bones Barbeque & Grill unit... for about $80 million... - Orlando Sentinel, December 5, 2007",
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      "text": "Yard House is yet to re-establish momentum since the acquisition. - Credit Suisse, March 21, 2014",
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      "kind": "quote",
      "text": "None of these solutions ultimately solve the business issue... ill timed acquisitions of new brands (e.g. Yard House)... - Morgan Stanley, October 29, 2013",
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      "kind": "quote",
      "text": "\"Yard House is yet to re-establish momentum since the acquisition.\" — Credit Suisse, March 21, 2014; \"None of these solutions ultimately solve the business issue...This fundamental issue has been compounded by what in retrospect were ill timed acquisitions of new brands (e.g. Yard House)...\" — Morgan Stanley, October 29, 2013; \"...sell its struggling Smokey Bones Barbeque & Grill unit to an affiliate of the private-equity firm Sun Capital Partners for about $80 million... for the 2007 fiscal year, which ended in May, Smokey Bones posted annual sales of $222 million.\" — Orlando Sentinel, December 5, 2007",
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      "text": "Source: Company filings and Capital IQ.",
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      "text": "Track record of destroying value",
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