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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2014-09-11 00:00:00",
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  "notes": "Includes a reference to an external 'Real Estate Primer' URL.",
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      "text": "We continue to believe that a tax-efficient sale or merger is likely to be the best alternative for Darden shareholders",
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      "text": "We continue to believe that a tax-efficient sale or merger is likely to be the best alternative for Darden shareholders.",
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      "text": "For each of these business alternatives, there are a variety of specific transaction structures that could be used, as illustrated in detail in our Real Estate Primer (available at http://tinyurl.com/Primer-On-Darden-Real-Estate).\nAlthough the Red Lobster Sale reduces the size of any potential real estate separation, we still believe that each of these alternatives is viable without Red Lobster's real estate.\nWe also still believe that each of these three alternatives, or a combination thereof, could be accomplished while maintaining and strengthening Darden's current dividend and investment grade rating and minimizing debt breakage.\nIn the Section XI, we lay out an illustrative transaction scenario that we believe will both accomplish these goals and maximize value for Darden shareholders.",
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      "text": "1. An outright sale of the properties, either in whole or in part\n2. A spin-off of all of Darden's real estate or just the fully owned (\"Fee Simple\") properties as a publicly traded REIT\n3. A tax-efficient sale or merger with another REIT",
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      "text": "We believe that there are a number of highly attractive alternatives to realize value from Darden's real estate.",
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      "text": "Numerous feasible structures",
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