{
  "docId": "019dd923-622b-71dc-a6d9-c007c91e862b",
  "docSlug": "28a425ed69eb",
  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-09-11 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 272,
  "pageCount": 294,
  "prevPage": 271,
  "nextPage": 273,
  "slideType": "propose_solution",
  "function": "propose_solution",
  "density": "dense",
  "nDataPoints": 2,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bullet_list",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-c007c91e862b/272",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-c007c91e862b",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-c007c91e862b.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-c007c91e862b#slide-272",
  "components": [
    {
      "bbox": {
        "h": 0.09,
        "w": 0.94,
        "x": 0.03,
        "y": 0.76
      },
      "kind": "callout",
      "text": "We believe a multi-step separation would maximize value while enhancing Darden's credit rating and dividend",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f5d6e030-08a7-449a-a8e3-074dfdca87f5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.92,
        "x": 0.04,
        "y": 0.23
      },
      "kind": "list",
      "text": "There are significant advantages to selling a portion of Darden's properties before completing a larger real estate separation. First, Darden could complete a sale-leaseback of approximately $300-$500 million worth of high tax-basis properties. This would generate the maximum after-tax value for those assets while improving Darden's credit quality. Next, Darden could separate its remaining real estate assets through either a REIT spinoff or, more likely, a tax-free merger.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7aa9e2b4-f1be-488a-8ca8-b644566d31eb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.92,
        "x": 0.04,
        "y": 0.63
      },
      "kind": "list",
      "text": "Once elected, the new Board would carefully evaluate this structure along with other potential structures, taking into consideration the expected timing and magnitude of operational improvements, before making any final decisions.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a1088a84-e696-498f-acff-c97aec633a3a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.92,
        "x": 0.04,
        "y": 0.52
      },
      "kind": "list",
      "text": "Following the real estate separation, Darden could spin off SRG, with expected completion approximately 12-18 months after the Annual Meeting.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "deed0923-f688-4ed2-b785-9ee616cf89bd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "paragraph",
      "text": "We believe that the optimal structure would begin with a two-step real estate separation followed by a spinoff of SRG.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "497fca17-2b46-48af-955e-34f3e739a60c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.29,
        "x": 0.04,
        "y": 0.06
      },
      "kind": "title",
      "text": "Optimal structure",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6a62cf91-0473-46ec-a653-b828a10b57d1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Before-After-Bridge",
      "slug": "before-after-bridge",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "184640ab-a8a7-4ecd-88da-1ba670a53966",
      "evidence": "We believe a multi-step separation would maximize value while enhancing Darden’s credit rating and dividend",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "breakup-spinoff",
      "slug": null,
      "matchId": "23b8d504-8ef3-43dc-8f1e-c4caf41ce06e",
      "evidence": "Proposes a two-step real estate separation and spinoff of SRG.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}