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Subsequent Event
6 Months Ended
Nov. 24, 2013
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
On December 18, 2013, the Board of Directors declared a cash dividend of $0.55 per share to be paid February 3, 2014 to all shareholders of record as of the close of business on January 10, 2014.
On December 19, 2013, we announced a comprehensive plan to enhance shareholder value that will include separating the Red Lobster business. Although a final decision has not been made on the form of the separation, we expect to execute a tax-free spin-off of Red Lobster to our shareholders, but we may also consider a sale of the Red Lobster business. The completion of the spin-off will be subject to certain customary conditions, including final approval by our Board of Directors, confirmation of the tax-free nature of the transaction, and the effectiveness of a registration statement that will be filed with the SEC. We expect the separation transaction to close in early fiscal 2015.