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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": "Uses strong, accusatory language to frame the Board's actions as a breach of trust.",
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      "text": "Shareholders asked the Company to pause and reconsider what we believe to be a value destructive plan to separate Red Lobster with a substantial majority of shareholders formally requesting that Darden hold a special meeting to discuss this very topic, and the Board blatantly ignored shareholders' clearly stated wishes",
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      "text": "Shareholders asked the Company to pause and reconsider what we believe to be a value destructive plan to separate Red Lobster with a substantial majority of shareholders formally requesting that Darden hold a special meeting to discuss this very topic, and the Board blatantly ignored shareholders’ clearly stated wishes",
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      "text": "The 57% of the outstanding shares that consented in favor of the calling of the Special Meeting represent an enormous percentage of the estimated 72% of the outstanding shares that would be expected to vote at Darden's meetings.(1)",
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      "text": "On April 22, 2014, Starboard delivered an extremely strong mandate from Darden's shareholder base for the calling of a special meeting to vote on the following proposal: to approve a non-binding resolution urging the Board of Directors of Darden not to approve any agreement or proposed transaction involving a Red Lobster separation or spin-off prior to the 2014 Annual Meeting of Shareholders unless such agreement or transaction would require shareholder approval.",
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      "text": "The Board's casual and dismissive attitude towards the Special Meeting was disturbing. Shareholders spoke and expected the Board to recognize the will of shareholders and schedule the Special Meeting without further delay. Instead, the Board chose to enter into a binding agreement to sell Red Lobster at what we believe to be a “fire sale” price in a transaction that we believe destroyed shareholder value. This agreement rendered the Special Meeting request moot, thus disenfranchising shareholders and violating shareholder trust.",
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      "text": "Darden blatantly ignored the will of shareholders by committing to sell Red Lobster prior to holding the shareholder-requested special meeting.",
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      "text": "(1) Approximately 20% of the Company's outstanding shares are held by retail investors (who generally have extremely low vote totals), approximately 10% of the outstanding shares are out on loan and are typically not voted, and approximately 3% of the outstanding shares are held by management and the Board. Based on the vote results from last year's 2013 Annual Meeting of shareholders, Darden's voting participation on non-routine items (items where a broker cannot place a vote on a client's behalf) was 72% of the outstanding shares.",
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      "text": "...The Board then sanctioned one of the most egregious examples of poor corporate governance we have ever witnessed",
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