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Sandell Comments On Bob Evans Statement

Stocks in this article: BOBE

Tom Sandell, CEO of Sandell Asset Management Corporation (“Sandell”), one of the largest stockholders of Bob Evans Farms, Inc. (NASDAQ:BOBE) (“Bob Evans” or the “Company”), commented on the recent statement by the Company in connection with its filing of the Company's preliminary proxy materials.

“With this announcement, Bob Evans has yet again demonstrated that they will go to great lengths to avoid real change while attempting to mask their refusal to do the right thing for stockholders. In our view, Bob Evans is doing nothing more than trying to appear as if they are willing to compromise, all while seeking to entrench themselves and maintain the status quo while failing to unlock value. We are confident that stockholders will see through these misleading actions."

"Sandell remains committed to truly meaningful change at Bob Evans and our foremost goal is to unlock the value inherent in the Company for the benefit of all of the Company's stockholders. In discussions with the Company's representatives, we have repeatedly offered to work with Bob Evans and remain willing to reach a compromise commensurate with the significant problems facing the Company if the Company would commit to actual movement on the many key issues that we and the broader investment community have identified. Bob Evans conveniently glossed over this fact in their proxy filing, choosing instead to focus on their own token offer of two Board seats, which in our view is no more than a meaningless effort designed to be rejected. We continue to believe that electing the slate of strong, independent director nominees that we have submitted is the most effective path towards value creation. We have been encouraged by the responses from stockholders to this slate of nominees and look forward to continued dialogue as we approach the Annual Meeting this summer.”

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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