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Stock Market & Financial Investment News

News Breaks
May 30, 2014
09:01 EDTBOBESandell Asset Management sends letter to Bob Evans board
Tom Sandell, CEO of Sandell Asset Management Corporation, one of the largest shareholders of Bob Evans Farms, issued the following statement to the Board of Directors of Bob Evans. "We were dismayed to learn from our outside counsel that the Company’s so-called Lead “Independent” Director, Michael Gasser, sent a letter on May 27 to the eight independent Director nominees proposed by Sandell Asset Management Corporation inviting each of them to a hastily-convened and unorthodox round of individual questioning by Mr. Gasser and “certain other” Directors at the Company’s headquarters in New Albany, Ohio. In this letter, Mr. Gasser appears to be attempting to inappropriately subvert the Director nomination process and we view this action as particularly troubling, as at no time had the Company attempted to contact us to achieve a constructive solution that might include the addition of some or all of these highly-qualified Director nominees as part of comprehensive change at the Board. In addition, at no point in our almost year-long dialogue with the Company has the Board shown the slightest inclination towards reaching an amicable resolution with us. This latest attempt to end-run one of the Company’s largest shareholders represents yet further evidence of the Board’s unwillingness to engage in truly constructive dialogue, which is a dis-service to all shareholders. Notwithstanding our significant concerns regarding the judgment exhibited by the current Board, along with the repeated earnings disappointments and operational missteps occurring under the leadership of Chairman and CEO Steven Davis, our conviction in the underlying value of the unique assets of Bob Evans has grown stronger. To unlock this value, however, the Company in our view urgently needs a new, truly independent Board that is able to exert effective management oversight - that is why we have submitted the nomination of eight highly-qualified Director nominees, including three former restaurant CEOs with decades of relevant industry experience. We remain willing, as we have for nearly a year, to meet with Mr. Gasser and the rest of the Company’s Board in order to engage in good faith and constructive dialogue should the Board wish to genuinely seek a comprehensive solution that would contemplate the addition of these highly-qualified Director nominees to the Company’s Board."
News For BOBE From The Last 14 Days
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August 26, 2014
16:08 EDTBOBEBob Evans sees Q2 sow cost $90-$95 per hundredweight from $80-$90
Sees Q2 SSS flat to low single-digit.
16:07 EDTBOBEBob Evans reaffirms FY15 adj. EPS view $1.90-$2.20, consensus $1.90
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16:03 EDTBOBEBob Evans reports Q1 adj. EPS 10c, consensus 10c
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15:25 EDTBOBENotable companies reporting after market close
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11:56 EDTBOBEBob Evans says four Sandell nominees elected to board
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August 20, 2014
16:03 EDTBOBEBob Evans increases share repurchase authorization to $150M
Bob Evans Farms' board of directors approved an increase of the company's current $100M share repurchase authorization to up to $150M and extended the authorization's expiration date to the end of fiscal year 2016.
10:45 EDTBOBEBob Evans says nominees likely to constitute majority of board
Bob Evans Farms announced that the company's Annual Meeting of Stockholders has concluded and votes are being reviewed and tabulated by IVS Associates. It added, "While the proxies and ballots are still being tabulated, and the Inspector has not yet delivered a preliminary report, Bob Evans believes, based on the advice of its proxy solicitor, that the Company's nominees will constitute a majority of the Board. The Company will wait to receive the Inspector's preliminary report before making any further statements about the vote, and will file the results on Form 8-K when they become available."
09:56 EDTBOBESandell confirms at least five nominees voted to Bob Evans board
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09:25 EDTBOBESadell wins at least five board seats at Bob Evans, CNBC reports
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August 15, 2014
10:00 EDTBOBEISS, Glass Lewis recommend Bob Evans investors vote to elect Sandell nominees
Sandell Asset Management, one of the largest shareholders of Bob Evans Farms, reminded shareholders that to follow the recommendations from ISS and Glass Lewis that Bob Evans shareholders “DO NOT VOTE” on the company’s white proxy card. ISS and Glass Lewis have both recommended that Bob Evans shareholders vote on the GOLD proxy card. After conducting a thorough independent analysis, both proxy advisory firms concluded that fundamental change is needed on the Bob Evans Board, and as a result shareholders should not vote the company’s white card:

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