Sandell releases presentation discussing options for Bob Evans separation
Sandell Asset Management, a large and long-time shareholder of Bob Evans Farms, released a presentation: "Bob Evans - Financial Commentary: Tax-Favorable Alternatives." In this presentation, Sandell discusses several alternatives to achieve a tax-favorable separation of the Company's two disparate and wholly-owned business segments, Bob Evans Farms Foods and Bob Evans Restaurants. Sandell believes that a value between approximately $56 and $64 per share could be justified based upon a separation of these two segments. Given the many alternatives available for the Company to pursue, and the many potential partners that could participate in a transaction, Sandell believes that a robust and transparent process is needed to ensure reaching the broadest universe of potential partners. At present, Bob Evans has still not disclosed matters as basic as the identity of its financial advisors, casting doubt on the Company's ability reach the widest array of potential partners and truly avail itself of "all options" to increase value as has been claimed.