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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "authorName": "Darden",
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  "presentationDate": "2014-09-01 00:00:00",
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      "text": "Specialty Restaurants would be a standalone public company with weak cash flows; Removes benefit/synergy of having large balance sheet behind growth business; Loss of meaningful earnings and inability to put leverage on the separated business would likely result in loss of investment grade credit rating; Given increased attention on managing the risks resulting from the Company's weakened credit profile and debt burden, management focus and Company resources could be diverted away from executing the Olive Garden Brand Renaissance Plan; Remaining Darden would have to support the entire dividend in aggregate and combined with the significantly weakened credit profile, this could result in a likely cut to Darden's dividend, and prevent Darden from paying the level of dividend that shareholders have come to expect; With Specialty Restaurants' cash flow profile and potential investor base, it is unlikely to pay a dividend; A separation may result in significant cost dis-synergies and substantial transaction costs; The level of multiple uplift at Specialty Restaurants and the potential multiple contraction at Remaining Darden is uncertain, however, given the relative size of Specialty Restaurants and Remaining Darden, any movement in the Remaining Darden multiple will have a far greater impact",
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      "kind": "subtitle",
      "text": "Review of Previous Issues the Board Considered Related to a Specialty Restaurants Separation",
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      "text": "Compromised Cash Flows and Growth Potential; Compromised Credit Profile; Compromised Focus on Olive Garden Brand Renaissance Plan; Compromised Dividend; Dis-Synergies; Uncertain Valuation Impact",
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