This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bob Evans Board Urges Stockholders To Support Board's Director Nominees

NEW ALBANY, Ohio, July 16, 2014 (GLOBE NEWSWIRE) -- Bob Evans Farms, Inc., (Nasdaq:BOBE) discussed today the clear choice about the future of the Company to be faced by its stockholders at the Bob Evans 2014 Annual Meeting. In a letter mailed to the Company's stockholders, Bob Evans Chairman and Chief Executive Officer Steven Davis and Lead Independent Director Michael Gasser, on behalf of the Board of Directors, urged stockholders to elect the nominees recommended by the Board. They said that the Board's slate of "open-minded, highly qualified and independent nominees will continue to 1) execute a growth strategy built on a recently completed two-year transformational investment program, 2) build on its track record of returning capital to stockholders and 3) consider other strategic opportunities to benefit stockholders."

The letter said that, "Alternatively, you could hand control of your Board over to a slate of eight nominees proposed by Sandell Asset Management Corp., which has demanded, among other things, 1) the sale and leaseback of a significant portion of Bob Evans' restaurants; 2) the sale or spinoff of Bob Evans Foods; and 3) the rapid repurchase of an additional $350 million or more of Bob Evans stock—actions which, in our view, would seriously jeopardize sustainable stockholder value."

Messrs. Davis and Gasser stated that, "While we believe that Sandell Asset Management, which reportedly managed approximately $7.5 billion in assets at its peak but only approximately $1 billion as of 2013, may need to press Sandell's agenda at Bob Evans to further its own business purposes, we do not believe this should come at the expense of the best interests of Bob Evans' stockholders."

They further stated that, "Your Board believes that Bob Evans Farms is well-positioned for strong profit growth and value creation and that it is critical to 1) maintain strategic control of the Company's valuable real estate; 2) continue to realize the opportunities for growth, brand and operating synergies available to us with a combined Bob Evans Restaurants and Foods; and 3) continue the Company's controlled and disciplined approach to return capital to stockholders, which has resulted in the return of more than $800 million to stockholders since 2007 in dividends and share repurchases."

1 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs