Activist Pushes Break-Up For Bob Evans Farms Inc.

Bob Evans Farms Inc.

shares jumped on a further push for a breakup Wednesday from activist shareholder Thomas E. Sandell. Sandell, who controls more than 9 percent of the restaurant chain, said a private equity firm he didn't name may acquire Bob Evans BEF foods unit. Several other investment firms are interested in a deal involving Bob Evans' real estate, Sandell said in a filing Wednesday with the Securities and Exchange Commission. Some of those firms are interested in financing a deal, Sandell said, adding that he may hold talks with Bob Evans management about the third-party proposals. In the filing, Sandell also disclosed that entities he controls boosted their stake in Bob Evans to 9.2 percent, from 8.4 percent in July. Sandell Asset Management Corp. waged a proxy battle with Bob Evans last month, winning four seats on its 12-member board. Shares in the New Albany Ohio-based restaurant chain were up nearly 4 percent in the morning session Wednesday, changing hands at $47.67.