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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "authorName": "Jeffrey C. Smith",
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      "text": "We believe a multi-step separation would maximize value while enhancing Darden's credit rating and dividend",
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      "text": "Following the real estate separation, Darden could spin off SRG, with expected completion approximately 12-18 months after the Annual Meeting.",
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      "text": "Once elected, the new Board would carefully evaluate this structure along with other potential structures, taking into consideration the expected timing and magnitude of operational improvements, before making any final decisions.",
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      "text": "There are significant advantages to selling a portion of Darden's properties before completing a larger real estate separation. First, Darden could complete a sale-leaseback of approximately $300-$500 million worth of high tax-basis properties. This would generate the maximum after-tax value for those assets while improving Darden's credit quality. Next, Darden could separate its remaining real estate assets through either a REIT spinoff or, more likely, a tax-free merger.",
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