Sandell Releases Presentation Detailing Tax-Favorable Alternatives for Bob Evans
October 11 2016 - 8:52AM
Business Wire
Tax-Favorable Separation Could Result in
Values Ranging between $56 and $64 per Share; Numerous Alternatives
and Potential Partners Highlights Need for Greater
Transparency
Sandell Asset Management Corp. (“Sandell”), a large and
long-time shareholder of Bob Evans Farms, Inc. (“Bob Evans” or the
“Company”) (NASDAQ: BOBE), today released a presentation: “Bob
Evans – Financial Commentary: Tax-Favorable Alternatives.” This
presentation can be found at:
http://bob-evans-graphics.com/dist/assets/bob-evans-financial-commentary-tax-favorable-alternatives.pdf.
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 (“BEF
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.
About Sandell Asset Management Corp.
Sandell Asset Management Corp. is a leading private, alternative
asset management firm specializing in global corporate
event-driven, multi-strategy investing with a strong focus on
equity special situations and credit opportunities. Sandell Asset
Management Corp. was founded in 1998 by Thomas E. Sandell and has
offices in New York and London, including a global staff of
investment professionals, traders and infrastructure
specialists.
SANDELL ASSET MANAGEMENT CORP., CASTLERIGG MASTER INVESTMENTS
LTD., CASTLERIGG INTERNATIONAL LIMITED, CASTLERIGG INTERNATIONAL
HOLDINGS LIMITED, CASTLERIGG OFFSHORE HOLDINGS, LTD., AND THOMAS E.
SANDELL (COLLECTIVELY, THE "PARTICIPANTS") INTEND TO FILE WITH THE
SECURITIES AND EXCHANGE COMMISSION (THE "SEC") A DEFINITIVE CONSENT
STATEMENT AND ACCOMPANYING FORM OF CONSENT TO BE USED IN CONNECTION
WITH THE SOLICITATION OF CONSENTS FROM THE STOCKHOLDERS OF BOB
EVANS FARMS, INC. (THE "COMPANY"). ALL STOCKHOLDERS OF THE COMPANY
ARE ADVISED TO READ THE DEFINITIVE CONSENT STATEMENT AND OTHER
DOCUMENTS RELATED TO THE SOLICITATION OF CONSENTS BY THE
PARTICIPANTS, AS THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING
ADDITIONAL INFORMATION RELATED TO THE PARTICIPANTS. THE DEFINITIVE
CONSENT STATEMENT AND AN ACCOMPANYING CONSENT CARD WILL BE
FURNISHED TO SOME OR ALL OF THE COMPANY'S STOCKHOLDERS AND WILL BE,
ALONG WITH OTHER RELEVANT DOCUMENTS, AVAILABLE AT NO CHARGE ON THE
SEC'S WEBSITE AT HTTP://WWW.SEC.GOV/.
INFORMATION ABOUT THE PARTICIPANTS AND A DESCRIPTION OF THEIR
DIRECT OR INDIRECT INTERESTS BY SECURITY HOLDINGS IS CONTAINED IN
AN EXHIBIT TO THE SCHEDULE 14A FILED BY SANDELL ASSET MANAGEMENT
CORP. WITH THE SEC ON OCTOBER 6, 2016. THIS DOCUMENT CAN BE
OBTAINED FREE OF CHARGE FROM THE SOURCE INDICATED ABOVE.
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version on businesswire.com: http://www.businesswire.com/news/home/20161011006098/en/
Sandell Asset Management Corp.Adam Hoffman,
212-603-5814orOkapi Partners LLCBruce Goldfarb,
212-297-0722orLisa Patel, 212-297-0720orSloane &
CompanyDan Zacchei or Joe Germani, 212-446-1882
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