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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Darden",
  "documentKindSlug": "regulatory-filing",
  "documentKindLabel": "Regulatory filing",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-09-01 00:00:00",
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  "notes": "The slide uses a red dashed box to highlight specific rows where the Board's assumptions differ from Starboard's, specifically EBITDA multiple and total net value change.",
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      "kind": "callout",
      "text": "While Starboard's fee simple rental assumptions appear reasonable, attributing $75 million of rent to ground leases with less than 20 year terms is highly unrealistic in our view.",
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      "text": "Starboard assumes no further debt breakage and does not mention potential lost value at Darden from reduced credit quality.",
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      "text": "Assumes mid-point multiple of 14.6x based on 15-25% to Starboard's peer average, ahead of our mid-point estimated multiple of 11.5x based 10-30% discount to Darden's peers.",
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      "text": "While Starboard’s fee simple rental assumptions appear reasonable, attributing $75 million of rent to ground leases with less than 20 year terms (on a fully extended basis) is highly unrealistic in our view",
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      "text": "Total Net Value Change: $(270)",
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      "kind": "source-note",
      "text": "Source: Company filings, IBES. Note: $ in millions.",
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      "kind": "title",
      "text": "The Board's Analysis of a Darden REIT Spin-Off Transaction Indicated the Potential to Destroy Shareholder Value",
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