{
  "docId": "019dd923-622b-71dc-a6d9-bf00ae998d16",
  "docSlug": "4fd9f67bd3da",
  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-05-22 00:00:00",
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  "notes": "This is a page from a shareholder letter, likely an activist investor campaign against Darden Restaurants.",
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      "text": "EBITDA multiple",
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      "kind": "paragraph",
      "text": "Red Lobster is an iconic brand... It has $2.5 billion in sales... It is unconscionable that Darden would have sold Red Lobster for what amounts to $100 million of net after tax proceeds, effectively giving it away.",
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      "kind": "paragraph",
      "text": "On May 16, 2014, Darden announced the Red Lobster Sale... the net proceeds of $1.6 billion, less the $1.5 billion of real estate value... means that the value received for Red Lobster's operating business was a paltry $100 million, or less than 1x EBITDA.",
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      "kind": "paragraph",
      "text": "Meeting to discuss this very topic. We published two detailed presentations... The Board chose to ignore its shareholders. The Board chose to destroy value.",
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      "kind": "source-note",
      "text": "As we demonstrated in our presentation entitled A Primer on Darden's Real Estate... the real estate could have been separated in a tax-free or tax-efficient manner through a number of alternatives.",
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