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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "authorName": "Jeffrey C. Smith",
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      "text": "$100 million in value / $111 million in Operating EBITDA = 0.9x",
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      "text": "While Darden has claimed that the transaction multiple for the Red Lobster Sale is 9x EBITDA, this is a gross distortion of the facts. Darden's highly misleading press release and investor presentation released on May 16, 2014...",
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      "text": "Further, since Darden plans to use $1 billion of the proceeds to repay debt in what appears to be a voluntary prepayment, it is likely that Darden will have to pay make-whole payments on this prepayment.",
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      "text": "The fact that the Company would refer to this deal as being done at 9x EBITDA demonstrates management and the Board’s fundamental lack of understanding of the assets they sold and a predilection for misleading shareholders.",
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      "text": "(1) Pro-forma operating EBITDA assumes Red Lobster LTM EBITDA of $229 million less assumed rental income of $119 million.",
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      "text": "Value Received for Red Lobster's Operating Business",
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