Sandell Pleased by Announced Sale of Bob Evans Restaurants
January 25 2017 - 11:34AM
Business Wire
Transaction Creates Market Leading,
Pure-Play Packaged Foods Business
Sandell Asset Management Corp. (“Sandell”), a long-time
shareholder of Bob Evans Farms, Inc. (“Bob Evans” or the “Company”)
(NASDAQ: BOBE), today released the following statement:
“We are pleased by the recent announcement that Bob Evans has
entered into an agreement for the sale of its Bob Evans Restaurants
(“Restaurants”) business segment to Golden Gate Capital for $565
million. This price is slightly higher than the $560 million
valuation set forth in our presentation released on October 11,
2016 and the sale of Restaurants is one of the tax-favorable
separation alternatives that we have been strongly advocating, as
it enables Bob Evans to focus exclusively on realizing the full
potential of its market leading Bob Evans Farms Foods (“BEF Foods”)
business segment.”
“With the sale of Restaurants, Bob Evans will effectively become
a stand-alone, pure-play packaged foods company given its continued
ownership of BEF Foods. While Bob Evans, with its remaining
ownership of BEF Foods, would be ideally positioned to operate
independently, the present transaction as structured may also allow
for a tax-efficient acquisition of BEF Foods by way of the purchase
of the stock of Bob Evans (BOBE) at some point in the future.”
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, Boca Raton, 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/20170125005892/en/
Sandell Asset Management Corp.Adam Hoffman,
212-603-5814orSloane & CompanyDan Zacchei or Joe
Germani, 212-446-1882
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