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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": "It is unconscionable that the Darden Board would allow the Company to sell its Red Lobster business for what amounts to a 'fire sale' price after shareholders clearly indicated that they did not want the Company to enter into a transaction unless it was subject to their approval.",
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      "text": "Management's decision to ignore shareholder concerns... will likely result in meaningful changes at the board level and among senior management. - Buckingham, May 16, 2014",
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      "text": "We view nearly all aspects of the Red Lobster transaction as not particularly compelling... A trough multiple of what we estimate as ~5x EBITDA... - UBS, May 20, 2014",
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      "text": "In short, in our eyes, \"the taxman stole the show\" by taking 25% of the gross proceeds. - Stifel, May 16, 2014",
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      "text": "We could get to valuations as high as $3.1billion for [Red Lobster]... it was not the best course of action for shareholders. - Credit Suisse, May 20, 2014",
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      "text": "It is unconscionable that the Darden Board would allow the Company to sell its Red Lobster business for what amounts to a 'fire sale' price... - Barington, May 19, 2014",
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      "kind": "quote",
      "text": "Who Knew Lobsters Had Middle Fingers? - Janney Capital Markets, May 16, 2014",
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      "kind": "quote",
      "text": "Count us among the many who believe DRI is destroying shareholder value... Golden Gate is funding the purchase via a concurrent $1.5 billion sale-leaseback... - New Albion Partners, May 19, 2014",
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      "text": "Today, Darden announced that it has entered into a definitive agreement to sell its Red Lobster business... giving it away for free is a familiar practice... - Hedgeye, May 16, 2014",
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      "text": "\"We view nearly all aspects of the Red Lobster transaction as not particularly compelling.\" — UBS, May 20, 2014; \"Who Knew Lobsters Had Middle Fingers?\" — Janney Capital Markets, May 16, 2014; \"Destroying a business and giving it away for free is a familiar practice for CEO Clarence Otis.\" — Hedgeye, May 16, 2014; \"We could get to valuations as high as $3.1billion for [Red Lobster], and, particularly considering how tax-inefficient the transaction will be, believe that it was not the best course of action for shareholders.\" — Credit Suisse, May 20, 2014; \"the taxman stole the show\" — Stifel, May 16, 2014; \"Management's decision to ignore shareholder concerns and go forth with an undervalued sale of Red Lobster... will likely result in meaningful changes at the board level and among senior management.\" — Buckingham, May 16, 2014; \"Count us among the many who believe DRI is destroying shareholder value with this deal\" — New Albion Partners, May 19, 2014",
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      "text": "...And strong negative reactions following the announcement of the sale to Golden Gate...",
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