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Stock Market & Financial Investment News

News Breaks
July 7, 2014
13:48 EDTBOBESandell says offer to settle proxy contest rejected by Bob Evans
Tom Sandell, CEO of Sandell Asset Management Corporation, one of the largest shareholders of Bob Evans Farms, provided the following commentary to shareholders of Bob Evans in order that they may be fully informed of what, in Sandell’s opinion, is the entrenchment and irresponsible spending of Chairman and CEO Steven Davis and his Board of Directors. "In our attempt to save shareholders further expense, we have sought once again to reach an amicable resolution to the pending proxy contest at Bob Evans. To that end, we submitted a balanced proposal to the company’s representatives that did not require a commitment to any particular action but rather a comprehensive review of all strategic alternatives to be conducted by an investment bank other than the company’s long-time financial advisor, whose financial advice we believe has provided convenient cover to the Board for dismissing the many paths of value creation presented to the company in the last year. Furthermore, our proposal contemplated the replacement of only certain specific 'legacy' Directors on the Board, when in fact we believe that most and possibly all legacy Directors need to be replaced...In spite of the litany of concerns that we have regarding Bob Evans and the expenses that the company continues to incur at the hands of this current management and Board of Directors, the eight independent and highly-qualified candidates that we have nominated to the Board remain enthused at the prospect of helping turn around a company with such valuable assets and such an iconic brand name as Bob Evans. The response that these nominees have received from investors and the broader investment community has been resoundingly positive and if they are elected at the upcoming Annual Meeting they can begin to implement the many changes necessary to enhance long-term value for all shareholders. Although the Annual Meeting date has not been publicly announced, we believe that the record date has been set for July 3 and soon the shareholders will have the opportunity to decide."
News For BOBE From The Last 14 Days
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August 27, 2014
10:32 EDTBOBEBob Evans sees 'modest' pressure on cost of sales in Q2
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07:02 EDTBOBEOptions expected to be active
Options expected to be active: TIVO TIF SWHC ARUN BOBE ADI
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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