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  "docSlug": "416ab93b6285",
  "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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  "pageNumber": 37,
  "pageCount": 294,
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  "notes": "Uses a waterfall bridge to isolate the implied value of the operating business.",
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      "kind": "callout",
      "text": "It appears that the Board simply chose to give up on Red Lobster",
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      "text": "The proceeds Darden received, net of taxes and friction costs, less the $1.5 billion in real estate value that we believe Darden could have realized tax-free, imply that the value received for Red Lobster’s operating business was approximately zero.",
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      "text": "Estimated Value for Red Lobster's Operating Business",
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      "text": "Estimated Value for Red Lobster's Operating Business: $21",
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      "kind": "paragraph",
      "text": "It is unconscionable that Darden would have sold an iconic American brand for what we believe amounts to $100 million or less of net after tax proceeds, effectively giving it away.",
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      "kind": "source-note",
      "text": "Source: Company filings. (1) As demonstrated in our real estate primer... (2) Assumes debt breakage... (3) Pro-forma operating EBITDA...",
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      "kind": "title",
      "text": "We believe the Red Lobster Sale represents a substantial destruction of shareholder value",
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      "evidence": "Darden's poor performance and governance issues are highlighted as the problem to be addressed.",
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      "evidence": "The document emphasizes the consequences of not taking action to address Darden's underperformance.",
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