UPDATE: Sandell Sends Letter to Bob Evans Holders, Says Should Take Actions to Unlock Holder Value
Sandell Asset Management Corp. ("Sandell"), the beneficial owner of
approximately 1.4 million shares, or 5.1%, of Bob Evans Farms, Inc.
(NASDAQ: BOBE) ("Bob Evans" or the “Company”), sent a letter to the
Company's Board of Directors urging the Board to take a multi-step
approach to unlock shareholder value at the Company.
The following are highlights of Sandell's opinions, which are presented
in greater detail in its letter to the Board (the full text of which is
set forth below) and White Paper presentation (available at: http://www.sandellmgmt.com/news/Enhancing_Value_at_Bob_Evans.pdf):
Bob Evans is materially undervalued, as its stock price does not
reflect the intrinsic value of its underlying assets.