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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2014-09-11 00:00:00",
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  "notes": "This slide details the mechanics of a proposed corporate restructuring (spinoff) as part of an activist campaign.",
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      "text": "We would expect to complete an SRG spinoff 12 – 18 months after the Annual Meeting, or sooner",
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      "text": "If Darden is able to achieve even a modest amount of cost savings in the near term... the timing of an SRG spinoff could be accelerated substantially.",
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      "text": "Further, unlike a real estate separation, an SRG separation would take time to restructure the organization to allow SRG to operate as a standalone company.",
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      "text": "We have assumed that 100% of SRG is spun off to shareholders; however, it could make sense to begin with a partial IPO of up to 19.9%.",
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      "text": "In this illustrative example, we have assumed that SRG would be spun off 12 – 18 months after the Annual Meeting. We have assumed that SRG would be spun off net-debt-free and would not pay a dividend.",
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      "text": "Given these conditions, it is possible that an immediate spinoff of SRG may put undue stress on Darden’s investment grade rating in the short term.",
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      "text": "Following the completion of the real estate separation, Darden could separate SRG, ideally through a tax-free spinoff.",
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