Bob Evans says Sandell recommendations not in best interests of company

theflyonthewall.com

Bob Evans Farms responded to recent public comments by Sandell Asset Management, stating: "Over the past few months, Bob Evans Farms Inc.'s senior management engaged in two discussions with Mr. Sandell, accompanied by a further telephonic meeting with Mr. Sandell and the Board's lead independent director. As discussed on those calls, and as communicated by the Company in its most recent quarterly conference call with investors and analysts, the Company's Board, with assistance from its independent financial advisors, Lazard, has thoroughly vetted the suggestions it has received from Sandell, and has unanimously concluded the recommended steps are not in the best interests of the Company and its shareholders...Although the three principal ideas offered by Sandell were not new to the Board's analysis and have been regularly considered as part of the Board's strategic deliberations, the Board conducted a fresh analysis of these matters in light of the discussions with Sandell...Bob Evans Farms Inc. is always engaged with its shareholders and actively participates in discussions with current and potential investors...What we have heard from these discussions with many of our major shareholders is the importance of executing on our long-term 8 to 12 percent earnings growth guidance, thereby appropriately matching our capital funding and capital allocation strategies to support long-term growth in a sustainable manner. However, what we have not, and will not, undertake are financial engineering tactics that place our company's ability to deliver long-term shareholder value at unnecessary risk."

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