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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2014-09-11 00:00:00",
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      "text": "The Red Lobster Sale has reinforced our conviction in our real estate thesis",
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      "text": "Confirmed our valuation for the rest of Darden's real estate. Confirmed our belief that there are no operational or strategic justifications to keep Darden's real estate and restaurant businesses together. Stretched Darden's ability to maintain its investment grade rating. Reduced the size and value creation potential of a real estate transaction, but reinforced our belief that a shareholder-friendly and tax-efficient separation is feasible.",
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      "text": "Note: Please see our March 31, 2014 Investor Presentation and Real Estate Primer. (1) Our Base Case valuation included approximately $1.4 billion in value for Red Lobster's real estate.",
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