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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2014-09-11 00:00:00",
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      "text": "In addition to substantial value creation from our operational improvement plan, we believe a real estate separation and a spinoff of SRG would both create value",
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      "text": "SRG includes a number of exciting and fast-growing concepts that we believe would be attractive in the public markets, but that are difficult for investors to fully appreciate and value inside of Darden. While Darden’s core brands, Olive Garden and LongHorn, are mainstream casual dining concepts with a national footprint and hundreds of stores, the SRG brands are significantly higher end niche brands that cater to a very different customer base, and, we believe, investor base. The timing of an SRG spinoff will depend on factors including progress towards the turnaround of Olive Garden, the consolidated financial performance of Darden, and the sustainability of the dividend and investment grade rating (see Section VIII and Section XI).",
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      "text": "Darden has an extremely valuable real estate portfolio. Even after the sale of Red Lobster, Darden still has the largest real estate portfolio in the casual dining industry. Pro forma for the Red Lobster Sale, we believe that Darden’s remaining real estate is worth $2.5 to $3 billion. Net of the value of the rent subsidy Darden currently receives for owning its properties, we believe that a real estate separation could create approximately $1 billion in shareholder value. Further, we still believe that a real estate separation can be structured in a tax-efficient manner and with minimal breakage costs, all while enhancing Darden’s credit profile and supporting its dividend.",
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      "text": "shareholder value: $1 billion",
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      "text": "We believe a spinoff of the Specialty Restaurant Group (SRG) would create value for Darden shareholders.",
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      "text": "Substantial value creation opportunity through a real estate separation and spin-off of the Specialty Restaurant Group (SRG)",
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