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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "presentationDate": "2014-03-31 00:00:00",
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  "notes": "The slide uses strong, emotive language ('wrong spin-off', 'value destructive', 'permanently impaired') to frame the management's proposal as a threat to shareholder value.",
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      "text": "We have serious concerns as to management’s true motives behind the Red Lobster separation and we question whether their interests are aligned with shareholders.",
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      "text": "Timing concerns: The Company is rushing through a separation during its worst period of performance.",
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      "text": "Valuation concerns: Red Lobster will trade at a discount; more than $800 million of shareholder value could be lost.",
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      "text": "Operational concerns: Traffic, same-store-sales trends, and margins are the worst in years. Management’s initiatives are unimpressive and vague.",
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      "text": "Real estate concerns: Separating with real estate could destroy approximately $850 million of value.",
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      "text": "A Red Lobster Separation is irreversible and value could be permanently impaired – a shareholder discussion must occur before any sale or spin-off of Red Lobster.",
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