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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2014-05-22 00:00:00",
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  "notes": "The slide uses a valuation table to expose the contradiction between management's claims and the actual transaction price.",
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      "text": "The 5.4x EBITDA multiple paid by Golden Gate to acquire Red Lobster compares to Darden's current multiple of approximately 9.5x and the peer group average of approximately 10.5x.",
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      "text": "EBITDA multiple: 5.4x",
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      "text": "The facts outlined above are in stark contrast to management's previous assertions that Red Lobster's current and temporary challenges... would not impact the deal price.",
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      "text": "We and other shareholders have maintained for some time that Darden's real estate was highly valuable... The Red Lobster Sale clearly demonstrates, however, that separating Darden's real estate is feasible.",
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      "text": "The 5.4x EBITDA multiple paid by Golden Gate to acquire Red Lobster compares to Darden's current multiple of approximately 9.5x and the peer group average of approximately 10.5x.",
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      "text": "Purchase price for Red Lobster operating business and real estate: $2,100; Less: Real estate sold to ARCP: ($1,500); Purchase price for operating business: $600; Red Lobster LTM EBITDA: $229; Less: Rent from sale-leaseback: ($119); Pro-forma EBITDA: $111; Multiple: 5.4x",
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      "text": "THE REAL ESTATE COMPONENT OF THE RED LOBSTER SALE CONFIRMS THAT THERE IS TREMENDOUS VALUE IN DARDEN'S REAL ESTATE",
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      "text": "Transaction from Golden Gate's Perspective",
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