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  "docSlug": "28a425ed69eb",
  "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 clear visual contrast (red line vs others) to highlight value destruction.",
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      "kind": "callout",
      "text": "We believe the sell-off in Darden's stock since the announcement of the Red Lobster Sale represents a destruction of >$1 billion in total shareholder value compared to peers(1)",
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      "text": "We believe the sell-off in Darden's stock since the announcement of the Red Lobster Sale represents a destruction of >$1 billion in total shareholder value compared to peers",
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      "text": "Darden's performance since the Red Lobster Sale",
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      "text": "stock performance: -10.8%",
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      "text": "In the two months between the announcement of the Red Lobster Sale and the announcement of Mr. Otis' retirement, Darden underperformed the S&P 500, the RUSSELL 3000 Restaurants Industry, its proxy group, and its closest direct peers – all by ~15%.",
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      "kind": "source-note",
      "text": "Source: Capital IQ. As of July 27, 2014, adjusted for dividends. Proxy Group consists of companies used in the Company's proxy statement to set executive compensation. Closest Direct Peers includes EAT, BLMN, DIN, BWLD, TXRH, RT, RRGB, BBRG, CAKE, and DFRG. (1) As explained in our letter to the Board dated July 15, 2014.",
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      "kind": "title",
      "text": "...and especially in the two months following the Red Lobster Sale",
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