Shedding Food Unit Could Net Bob Evans $1B, Investor Says

Law360, New York (September 24, 2013, 4:51 PM EDT) -- Activist investor Sandell Asset Management Corp. on Tuesday urged Bob Evans Farms Inc. to consider selling or spinning out its packaged foods business from its namesake restaurant chain operations in order to unlock new value for shareholders.

In a letter to Bob Evans management, New York-based Sandell contended that the company could generate more than $1 billion in proceeds by shedding its packaged foods unit in a deal it said could push up stock prices by nearly $30 to as much as $84 a share. It...
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