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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "presentationDate": "2014-09-11 00:00:00",
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      "text": "Management's decision to ignore shareholder concerns and go forth with an undervalued sale of Red Lobster as opposed to waiting for operations to improve or entertain monetization without fully disposing the brand during a depressed earning's period will likely result in meaningful changes at the board level and among senior management.",
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      "text": "We could get to valuations as high as $3.1billion for [Red Lobster], and... believe that it was not the best course of action for shareholders.",
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      "text": "Management's decision to ignore shareholder concerns and go forth with an undervalued sale... will likely result in meaningful changes at the board level.",
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      "text": "We view nearly all aspects of the Red Lobster transaction as not particularly compelling... A trough multiple of what we estimate as ~5x EBITDA... breakage costs... are material.",
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      "text": "Today, Darden announced that it has entered into a definitive agreement to sell its Red Lobster business... Destroying a business and giving it away for free is a familiar practice for CEO Clarence Otis.",
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      "text": "In short, in our eyes, “the taxman stole the show” by taking 25% of the gross proceeds.",
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      "text": "Count us among the many who believe DRI is destroying shareholder value... Golden Gate is funding the purchase via a concurrent $1.5 billion sale-leaseback.",
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      "text": "It is unconscionable that the Darden Board would allow the Company to sell its Red Lobster business for what amounts to a 'fire sale' price...",
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      "kind": "quote",
      "text": "Who Knew Lobsters Had Middle Fingers? - Janney Capital Markets",
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      "text": "\"We view nearly all aspects of the Red Lobster transaction as not particularly compelling...\" — UBS, May 20, 2014; \"Who Knew Lobsters Had Middle Fingers?\" — Janney Capital Markets, May 16, 2014; \"Destroying a business and giving it away for free is a familiar practice for CEO Clarence Otis.\" — Hedgeye, May 16, 2014; \"Management's decision to ignore shareholder concerns and go forth with an undervalued sale of Red Lobster...\" — Buckingham, May 16, 2014; \"In short, in our eyes, \"the taxman stole the show\" by taking 25% of the gross proceeds.\" — Stifel, May 16, 2014; \"Count us among the many who believe DRI is destroying shareholder value with this deal to sell Red Lobster for $1.6 billion post tax and transaction costs\" — New Albion Partners, May 19, 2014; \"It is unconscionable that the Darden Board would allow the Company to sell its Red Lobster business for what amounts to a 'fire sale' price\" — Barington, May 19, 2014",
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      "text": "...And strong negative reactions following the announcement of the sale to Golden Gate...",
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