Sandell Asset Management Corporation (“Sandell”), one of the largest shareholders of Bob Evans Farms, Inc. (NASDAQ:BOBE) (“Bob Evans” or the “Company”), today commented on the important news that Institutional Shareholder Services (ISS) and Glass Lewis, the world’s two leading independent proxy voting advisory firms, have both recommended that Bob Evans shareholders vote on the
To follow the ISS and Glass Lewis recommendations, Bob Evans shareholders “DO NOT VOTE” on the Company’s white proxy card.
Tom Sandell, CEO of Sandell Asset Management, said, “As we continue to speak with shareholders, we grow increasingly confident that change is coming to Bob Evans – and it will be to the benefit of all the Company’s shareholders. The support of ISS and now Glass Lewis, who in a rare move recommended the vast majority of our Director nominees, underscores what we have said all along: Bob Evans needs fresh, truly independent and highly-qualified Board members who are able to bring new perspectives and ideas to the Company – and our slate of nominees is the best choice to deliver it.
“We encourage everyone to disregard the Company’s increasingly desperate tactics, which in our opinion reflect nothing more than hollow rhetoric, and instead focus on the value to be unlocked at Bob Evans with a reconstituted Board committed to positive change. We look forward to continuing to make our case to shareholders in advance of the Annual Meeting.”
In reaching their conclusions, both ISS and Glass Lewis acknowledged the serious lack of oversight and accountability demonstrated by the Bob Evans Board over a significant period of time. ISS and Glass Lewis each performed a detailed analysis of Sandell’s and management’s positions and carefully considered, among other things, the Company’s total shareholder return, operating and financial performance, as well as the strong experience and qualifications of proposed Director nominees.