Sandell Encouraged by News That Bob Evans Has Retained J.P. Morgan as Financial Advisors
December 06 2016 - 10:47AM
Business Wire
Bob Evans has Confirmed it is in Process of
Evaluating All Options to Create Shareholder Value
Greater Transparency Eliminates Need for
Consent Solicitation
Sandell Asset Management Corp. (“Sandell”), a long-time
shareholder of Bob Evans Farms, Inc. (“Bob Evans” or the “Company”)
(NASDAQ: BOBE) with beneficial ownership of approximately 8.1% of
the Company’s shares, today released the following statement:
“We are encouraged by the recent revelation in the Company’s
FY2017 Second Quarter Earnings Release dated December 5, 2016 that
the Board of Bob Evans “is working with J.P. Morgan to review and
evaluate potential opportunities for value creation” and “continues
to evaluate all options to create shareholder value.” Until this
point, the Company had not disclosed matters as basic as the
identity of its financial advisors, leading to a great deal of
skepticism on the part of many members of the investment community
as to the Company’s commitment to enhance shareholder value. With
this greater transparency, it is our belief that Bob Evans may now
be able to reach a broader universe of potential partners as it
continues to evaluate options to create shareholder value. As a
result, Sandell does not at this time intend to pursue a consent
solicitation seeking shareholder approval of a precatory proposal
advocating increased transparency.”
“Given what we believe are the many potential financial and
strategic partners that could participate in a host of alternatives
to create shareholder value, we are pleased that the Company has
chosen to formally disclose its financial advisors, who may now
serve as a point of contact for these many potential partners. As
we have previously indicated, we would be open to many alternatives
that would maximize shareholder value, even if the ultimate
alternative did not involve a separation and delivered value
different from those that we have estimated, as long as it was the
result of a robust and transparent process aided by a reputable
financial advisor.”
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20161206006010/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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