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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": "The slide uses a comparison frame to contrast the 'Core Darden' brands (Olive Garden, LongHorn) with the 'SRG' brands (Capital Grille, Eddie V's, Yard House, Seasons 52, Bahama Breeze).",
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      "kind": "callout",
      "text": "We believe spinning off SRG would create shareholder value",
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      "text": "While Darden's core brands, Olive Garden and LongHorn, are mainstream casual dining concepts with a national footprint and hundreds of stores, the SRG brands are significantly higher end niche brands that cater to a very different customer base, and, we believe, investor base.",
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      "text": "Given its higher growth profile and higher end focus, we believe a standalone SRG would trade at a significant premium to where Darden currently trades, and that this value is not fully reflected in Darden's stock price.",
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      "text": "The timing of an SRG spinoff will depend on factors including progress towards the turnaround of Olive Garden, the consolidated financial performance of Darden, and the sustainability of the dividend and investment grade rating, as discussed in Section XI.",
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      "text": "With each concept having approximately 50 locations or fewer, the SRG brands have very different operating requirements than Olive Garden and LongHorn.",
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      "text": "Spin-off of Specialty Restaurant Group",
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